China Railway Group Limited
"A credit line of $1.94 billion has been reopened by China to finance Iran’s Tehran-Qom-Isfahan high-speed railroad project, according to the governor general of Isfahan Province.
Abbas Rezaei expects the railroad to come on stream by the end of President Hassan Rouhani’s tenure (August 2021), the news portal of Iran Chamber of Commerce, Industries, Mines and Agriculture reported.
Iran is in contract with China Railway Group Limited, also known as CREC, to build this railroad project. Although the contract was signed in 2015 with an estimated value of €1.8 billion, its scope and value are expected to expand.
Former roads minister, Abbas Akhoundi, ordered, at the time, the redesign of the route to make it more efficient compared to the previous design, including the relocation of train stations in Tehran, Qom and Isfahan.
CREC is a Chinese construction company listed in Shanghai and Hong Kong stock exchanges. The major shareholder of the company is the state-owned China Railway Engineering Corporation." (Financial Tribune, "China Reopens $1.9b L/C for Tehran-Qom-Isfahan Railroad Project," 12/18/2019).
In 2019 China Railway Group was listed on the Texas Comptroller List of Companies Engaging in Scrutinized Business Operations in Iran.
As of August 15, 2019, the state of Iowa listed China Railway Group Ltd. on its Iran scrutinized companies list.
In 2016, news reports indicated China Railway Group signed a $2 billion investment agreement, including the construction of a 350,000 ton smelter, a 500 megawatt power station and an anode project. In 2016, CalSTRS designated China Railway Group as “Under Review” for potentially having ties to Iran. In 2017, CalSTRS designated China Railway Group as “Being Monitored” and maintained that designation in 2018.
In July 2017, Iran signed a contract with China Railway Group Limited, also known as CREC, to build this line. Although the contract was signed in 2015 with an estimated value of €1.8 billion, its scope and value are expected to expand.
In 2017, the states of, Iowa listed China Railway Group on its Iran scrutinized companies list rendering China Railway Group ineligible for investment and/or state contracting.
In 2017 California identified China Railway Group as potentially engaging in an investment venture including construction projects for power generation and smelting operations in Iran and is reviewing.