Daewoo Engineering & Construction Co.

Engineering and Construction
KRX: 047040
South Korea

In 2017, the U.S. states of  Iowa, Mississippi,  Rhode Island, South Carolina ,and  Tennessee, and listed Daewoo on its Iran scrutinized companies list rendering Daewoo ineligible for investment and/or state contracting.


"Also in May 2016, South Korea's Daewoo Engineering and Construction Co. signed a preliminary $1.5 billion deal for a highway between Tehran and northern Iran. Iran's roads ministry and Bonyad Mostazafan, an Iranian foundation controlled by Khamenei, are partners in the Tehran Shomal Freeway Co. (TSFC), which is in charge of the project. A Daewoo official said the deal was preliminary and nothing had been discussed since May. A source familiar with TSFC affairs said the project is in the technical study phase and no final contract has been signed." (Reuters, "Post-Sanctions Deals with Iranian Firms Linked to Khamenei," 1/19/2017).



"Daewoo Engineering & Construction Co., a major South Korean builder, announced on May 4 that it had meetings with officials at major Iranian contractors and won two tentative deals worth US$11.5 billion (13.29 trillion won) in Tehran on the 3rd to construct a petrochemical plant and road infrastructure. The company signed a memorandum of understanding (MOU) with Bahman Geno Co., a local energy company, to build a large refinery plant for about US$10 billion (11.56 trillion won) along with Hyundai Engineering & Construction... Bahman Geno issued a letter of intent to Hyundai E&C and Daewoo E&C in April for the engineering, procurement and construction (EPC) and financing deal and it will add local companies to carry forward the project according to the Iranian government regulations. Daewoo E&C also signed a MOU for Tehran Shomal Freeway Lot 3 construction." (Business Korea, “Daewoo E&C Signs US $11.5 Billion Worth of MOUs,” 5/5/2016)