Toyo Engineering Corporation

Engineering
TYO: 6330
Japan

In 2017, CalSTRS designated Toyo Engineering as “Under Review” for reportedly signing an agreement to develop the Salman oil and gas field in Iran. CalSTRS maintained the “Under Review” designation in 2018. 

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In 2017 the U.S. state of California listed Toyo Engineering as a company under review for reportedly signing an agreement to develop the Salman oil and Gas field in Iran.

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In 2017 the U.S. state of Minnesota, Rhode Island, South Carolina, Tennessee listed Toyo Engineering on its Iran restricted companies list rendering Toyo ineligible for investment and/or state contracting.

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"A Memorandum of Understanding was signed on Monday 17 July in Tehran by Gholamreza Manouchehri, Deputy Managing Director of NIOC, Hamid Akbari, CEO of Petropars and Hiroshi Sato, Toyo’s Director of Energy Business Unit, aiming to renew the Salman oil and gas field’s facilities and to boost production." (July 2017)
 

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Two Japanese Toyo Engineering workers are in Iran to deal with any defects in a plant the firm completed in 2009. According to a company source, they must stay there for at least another year.Though the firm feels it is important to take the Japanese and Western government positions into consideration, Toyo Engineering said it cannot fail to complete its contract. (The Nikkei Business Daily, " Japan Plant Builders Stepping Away From Iran," 10/14/2010)