"German chemical company BASF is weighing an investment of $4 billion in Iran, the daily Handelsblatt has reported, citing industry sources. Together with an Iranian company, BASF wants to build new petrochemical plants near Iran’s hub of petrochemical activities and gas industry in Assaluyeh, the paper said. BASF signed a memorandum of understanding with the National Iranian Oil Company about future cooperation in April... However, BASF is not the only group that was negotiating with the Iranians, the paper said. Industry sources said Munich gas manufacturer Linde was interested in investment worth billions of dollars in the Iranian petrochemical industry jointly with the Japanese Mitsui Group. According to Handelsblatt, Linde CEO Wolfgang Büchele has been in 'pre-business talks' with the Iranians for some time." (Press TV, "BASF, Linde mull massive Iran investment," 8/9/2016)

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"Iran plans to increase its refining capacity for crude and condensate by more than 70 percent within the next four years as it works to improve the quality of fuel sold on the domestic market and wean itself off imported gasoline... The refineries to be upgraded are at Isfahan, Tabriz, Tehran, Bandar Abbas and Abadan, Kazemi said in the interview on Wednesday. The government will pay for Abadan plant's modernization and is seeking investors to fund the others, he said. Japanese engineering company Chiyoda Corp. is conducting a feasibility study with Mitsui & Co. on the Bandar Abbas project, said Masaru Akamatsu, a Chiyoda spokesman. Japan's Ministry of Economy, Trade & Industry is paying for part of the study, which is scheduled for completion by the end of March, Akamatsu said. The modernization contract is worth about 300 billion yen ($2.8 billion), Japanese broadcaster NHK reported in February... " (Bloomberg, “Iran Plans Oil-Refinery Expansion to Cut Gasoline Imports,” 6/12/2016)

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The Mitsui & Co., Ltd. company website lists offices in Tehran, Iran.

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"Iran said on Monday that it welcomes the return of Japan's Mitsubishi and Mitsui to its petrochemical projects. Abbas Sheri-Moqaddam, the managing director of the National Petrochemical Company (NPC), said Mitsubishi and Mitsui had a satisfactory performance in different sections of Iran’s petrochemical industry. Sheri-Moqaddam, speaking in a meeting with the heads of the two companies who are in Tehran on board a senior Japanese trade delegation, added that they can again participate in Iran’s projects once the sanctions against the country are lifted... The heads of Mitsubishi and Mitsui for their part said they are ready to resume investments in Iran once the sanctions against the country are lifted." (Press TV, "Iran wants Japan’s big petchem firms back," 10/12/15)

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“Japan's Mitsui Company has announced that it is ready to invest $4 billion in Iran's railway, airport, port and shipping projects. Senior officials from the Japanese company met with officials from Iran's Transport and Urban Development Ministry, discussing the investment opportunities, Iran's Mehr news agency reported on May 9. In March, Iranian Foreign Minister Mohammad Javad Zarif said Japan has been an important trading partner to Iran, but unfortunately because of sanctions, there has been a sharp drop in the trade relations. ‘It is important for us to take advantage of the opportunity provided by the result of development in the international scene,’ he said, referring to a deal between Iran and six countries struck in November to curb Tehran's uranium enrichment in exchange for the easing of tough international sanctions.” (Trend, “Japanese company ready to invest $4 bln in Iran’s transport projects,” 5/9/14)

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"Japanese shipping company Phoenix Tankers is one such company. Phoenix shipped Iranian LPG to South Korea earlier this year on a spot basis, said Tetsutaro Kozai, a spokesman at Mitsui OSK, the parent company of Phoenix. 'It is now up to our customers as the EU has discussed but not yet decided if LPG is subject to sanctions,' he said. 'If there is such a spot order, we'll comply with the EU's decision and consider if we can transport safely before accepting it.'" (Reuters, "EU sanctions strangle Iranian LPG exports to Asia," 10/31/2012")

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"Nova Tankers, the Copenhagen-based operator of a pool of ships including vessels owned by Mitsui O.S.K Lines Ltd., won't load Iranian crude because of European sanctions, Managing Director Morten Pilnov said by phone from Singapore on Feb 9." (Bloomberg, "Iran Sanctions Tighten as OSG to Frontline Halt Crude Cargo," 2/13/2012)

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"Iran's Petrochemical Commercial Co (PCC) sold 15,000-23,000 tonnes of ammonia for late October lifting to Japanese trader Mitsui at $420/tonne (€307/tonne) FOB (free on board), market sources said on Thursday. The price was $10/tonne higher than the last concluded sale out of the Middle East amid limited supply and healthy demand, they said. From Qatar Fertilizer Co (QAFCO), Mitsui bought a spot cargo for mid-October loading at [2]$410/tonne FOB on 16 September, sources said." (Chemical News & Intelligence, "Iran's PCC sells up to 23,000t ammonia to Mitsui at $420/tonne," 9/30/10)

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"Mitsui has purchased an Iranian ammonia cargo for August shipment at $315/tonne (€246/tonne), up by $20/tonne from its last buy, amid a firmer market, a source with the Japan-based trader said on Thursday. The 23,500-tonne cargo was purchased from Iran's Petrochemical Commercial Co on a free on board (FOB) basis, the source said. The Tilos vessel is due to arrive at the port on 27 July and the cargo is to be lifted in the second half of August, the source said, adding that the shipment is expected to sail to India. Mitsui last purchased ammonia from Petrochemical Commercial in late June at $295/tonne FOB for late-July/early-August shipment from the port of Bandar Imam Khomeini." (Chemical News & Intelligence, "Mitsui buys 23,500-tonne Iran ammonia cargo at $315/tonne," 7/22/10)

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"Mitsui's business in Iran goes back to the 1970s, according to a company history, and its Web site lists a current office in Iran. Mitsui & Co., Ltd. has arranged financing provided by export credit agencies for the principals of industrial projects in Iran that have been planned, owned and operated by companies in which the government has a direct or indirect equity share, according to company spokesman Shinji Takeuchi. He said that Mitsui & Co. is also involved in supporting the purchase of crude oil, oil products and petrochemical products from Iran for sale in Japan and other Asian countries. Mitsui's lucrative work for the United States government includes providing platinum to the United States Mint for coins." From 2000-2009, the company was the recipient of $768.6 million US federal funds. Their investments are currently active in Iran. (The New York Times, "Profiting from Iran, and the US," 3/6/2010)

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The U.S. has not begun to exercise its leverage in that area. Consider that in the last two years, Brazil's Petrobras, China's Sinopec, Italy's Eni, Japan's Mitsui Petrochemical and Norway's Statoil have all reportedly made deals worth more than $10 million each in Iran's energy sector. All are listed on the New York Stock Exchange (except for Mitsui's parent, which is on the Nasdaq). Should Iran's economic enablers be listed on American exchanges? (The Wall Street Journal, "The Right Sanctions Can Still Stop Iran," 12/10/09)

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Trading companies including Mitsui & Co., Marubeni, and Mitsubishi Corp. are lifting large quantities of products from Iran. (Chemical Week, "Iran Aims to Overtake Saudi Arabia in Petchems; NPC Sale Advances," 5/26/08)

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Listed by U.S. Government as doing business in Iran. (U.S. Securities and Exchange Commission, "List of Companies Doing Business With State Sponsors Of Terror," Removed from the Internet in July 2007)

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Mitsui Engineering and Shipbuilding was up 4.2 pct or 8 yen at 200 following a report it won a 35 bln yen contract to build an ethylene glycol factory in Iran. (AFX, "Tokyo stocks slightly higher at lunch on foreign investor-led buying," 2/21/05)

On November 13, 2020, Bilfinger SE was removed from the Iowa Public Employees' Retirement System Iran Prohibited Companies List. 

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As of August 15, 2019, Iowa's Municipal Fire & Police Retirement System lists Bilfinger SE on its Iran Scrutinized Companies List.

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"German engineering group Bilfinger said it did not plan to sign any new business in the country." (8/14/18).

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In a letter to CalPERs dated December 5, 2017, the company confirmed it is not engaged in the business activities targeted by California Public Divest from Iran Act.

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In 2017, the U.S. state of California listed Bilfinger SE on its state list of Companies under review for Doing Business with the Iranian Petroleum/Natural Gas, Nuclear and Military Sectors.

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In July 2016 Bilfinger secured its first order in Iran. Bilfinger is delivering the entire process control system for the upgrade of one of Iran’s largest refineries.

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"Financing is the main hurdle facing companies looking at doing business in Iran, Bilfinger Chief Executive Thomas Blades said in German newspaper Handelsblatt and he also said it would take time for the country to regain investors' trust. "The biggest challenge that I currently see in Iran is the financing of projects," Blades said in an interview published on Thursday. Many Western banks have been reluctant to provide financing for big projects in Iran, fearing a regulatory backlash if there is a new setback in relations with the country. Blades said Bilfinger's response to Iran's "bring your own money" attitude was to focus on trying to win projects that run for only a few months rather than several years. The engineering services group won a contract worth several million euros in July to supply a process control system for the upgrade of one of Iran's largest refineries." (Reuters, "Bilfinger CEO says will take time for Iran to regain investors' trust," 12/8/2016).

"Financing is the main hurdle facing companies looking at doing business in Iran, Bilfinger Chief Executive Thomas Blades said in German newspaper Handelsblatt and he also said it would take time for the country to regain investors' trust. "The biggest challenge that I currently see in Iran is the financing of projects," Blades said in an interview published on Thursday. Many Western banks have been reluctant to provide financing for big projects in Iran, fearing a regulatory backlash if there is a new setback in relations with the country. Blades said Bilfinger's response to Iran's "bring your own money" attitude was to focus on trying to win projects that run for only a few months rather than several years. The engineering services group won a contract worth several million euros in July to supply a process control system for the upgrade of one of Iran's largest refineries." (Reuters, -- "Now that most of the economic sanctions against Iran have been lifted, the country has become an interesting partner for German industry. Bilfinger has now secured its first order there: one of Iran’s largest refineries is being upgraded and Bilfinger is delivering the entire process control system for the project. The system will be designed, built and programmed in Germany. Following testing and customer acceptance, it will be shipped to Iran. The order has a volume of several million euros, though the parties agreed not to disclose the exact amount. The contract was signed during a visit of the Iranian delegation to Bilfinger headquarters in Mannheim.'Our engineering services made in Germany are an international seal of quality. I am delighted that we will be able to contribute our quality and reliability to the ambitious project in Iran,' says Tom Blades, CEO at Bilfinger SE. 'Iran has a great deal of pent up demand when it comes to the modernization of its industrial facilities and Bilfinger can make a contribution here in cooperation with Iranian companies.'" (Bilfinger Press Release, "Bilfinger establishes foothold in Iran," 7/29/2016).

Jindal Steel and Power Limited (JSPL) is listed as an attendee for the 2016 2nd Iranian Iron & Steel Conference taking place from September 26-28 in Isfahan, Iran. The event overview states: "There is much to discuss, with sanctions being removed, new projects and investment opportunities planned across Iran and an in-depth look at the central Asian region steel industry" (2nd Iranian Iron & Steel Conference, 2016).

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"Jindal Steel and Power Limited (JSPL) dispatched the first lot of rail to Iran on Sunday from its Raigarh facility. The steel major had bagged a contract to supply 150,000 tonnes of rail to Iran for developing rail infrastructure. Of the order, 130,000 tonnes would be normal rail and 20,000 tonnes specialised head hardened rail that is produced only by the JSPL in the country. “The rail supply to Iran is a major contribution of JSPL in Make-in-India concept,” company’s Executive Director (projects and operations) Pankaj Gautam said while flagging off the first rake of consignment. In the first lot, 1700 tonnes of 18-meter normal rail has been dispatched to the Gangavaram port in Andhra Pradesh for shipping." (Business Standard, "JSPL dispatches first lot of rail to Iran," 8/7/2016).

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"State-run Steel Authority of India Ltd and private firm Jindal Steel and Power Ltd have signed a deal with Iran to supply 250,000 tonnes of steel rails worth 17 billion Indian rupees ($255 million) in 2015." (Reuters, “India raises Iran credit line to $450 million,” 4/6/2016)

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"Iranian trade negotiators have become more assertive with Indian counterparts as hopes rise of international sanctions on Tehran easing later this year, sources said, and Indian companies fear they may lose business as more countries bid for projects. The push back from the Iranians came as a surprise to India, which has enjoyed special dispensation from Tehran as one of only a handful of countries willing to do business with it while it faced Western economic sanctions. Under a tentative framework agreement reached between six major powers and Tehran in April, Iran agreed to limit its nuclear activity in return for sanctions relief. A final deal could be reached by June 30. That prospect appears to have emboldened Iran, said sources familiar with trade negotiations with India, including in its handling of a sizeable deal to import railway tracks. The $233 million contract, signed last October, was for India's State Trading Corp (STC) to facilitate exports of rail tracks from SAIL Ltd and Jindal Steel and Power Ltd to Iran's railways. But Iran told Indian negotiators that it had offers from other countries, including Turkey, to supply the equipment at a cheaper cost, the sources said." (Reuters, "With nuclear deal in sight, Iran drives harder bargain in Indian trade talks," 5/19/15)

Mitsubishi Corporation is listed as an attendee for the 2016 2nd Iranian Iron & Steel Conference taking place from September 26-28 in Isfahan, Iran. The event overview states: "There is much to discuss, with sanctions being removed, new projects and investment opportunities planned across Iran and an in-depth look at the central Asian region steel industry" (2nd Iranian Iron & Steel Conference, 2016).

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"Iran plans to increase its refining capacity for crude and condensate by more than 70 percent within the next four years as it works to improve the quality of fuel sold on the domestic market and wean itself off imported gasoline... The refineries to be upgraded are at Isfahan, Tabriz, Tehran, Bandar Abbas and Abadan, Kazemi said in the interview on Wednesday. The government will pay for Abadan plant's modernization and is seeking investors to fund the others, he said... Daelim Industrial Co., based in South Korea, and Marubeni Corp. and Mitsubishi Corp., both with headquarters in Japan, are also interested in working on refinery projects in Iran, Kazemi said." (Bloomberg, “Iran Plans Oil-Refinery Expansion to Cut Gasoline Imports,” 6/12/2016)

SMS Group is listed as an attendee for the 2016 2nd Iranian Iron & Steel Conference taking place from September 26-28 in Isfahan, Iran. The event overview states: "There is much to discuss, with sanctions being removed, new projects and investment opportunities planned across Iran and an in-depth look at the central Asian region steel industry" (2nd Iranian Iron & Steel Conference, 2016).

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“As economic sanctions eased last month under a temporary accord, Iran is shaping up as a hot, untapped opportunity for Western steel exporters, particularly high-grade varieties…About 45 producers sent representatives to a steel conference last month in Tehran to study export opportunities and investing in Iran’s domestic industry, Karbasian said. More than 10 steelmakers contacted by Bloomberg declined to comment or said they hadn’t attended the event…Germany’s SMS Siemag gave addresses at the steel event in Tehran, Karbasian said…A spokesman for SMS, which sells equipment to the steel industry, said it attended the conference to rebuild relationships in the country. The company, which has done business in Iran for more than 25 years, said while it’s products were not covered by sanctions it had halted trade as its customers struggled to access finance for deals.” (Bloomberg, “Iran Thaw Seen Re-Stoking $6 Billion Market for Steel,” 3/12/14)

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“The German SMS Siemag company is ready for investment in Iranian steel projects, president and CEO of SMS Siemag, Burkhard Dahmen said, Tasnim news agency reported on Dec. 4. Dahmen made the remarks during a meeting with head of the Iranian Mines & Mining Industries Development and Renovation Organization (IMIDRO), Mahdi Karbasian in Tehran. Dahmen underlined that the EU policy towards boosting relations with Iran is a new opportunity which should not be lost. During the meeting two sides agreed that SMS Siemag to involve in joint venture with other international steel companies in Iranian steel projects. SMS Siemag has earlier participated in some steel projects in Iran including the Hormozgan and Mobarakeh steel plants.” (Trend, “German company ready to invest in Iranian steel projects," 12/6/13)

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In 2006, SMS Siemag, then called SMS Demag, helped to build a “turnkey iron and steel plant in the Iranian province of Hormozgan, not far from the provincial capital of Bandar Abbas, [Iran].” (Press Relase, "SMS Demag AG builds an iron and steel plant on the Persian Gulf,” 6/21/06)

Cockerill Maintenance & Ingénierie is listed as an attendee for the 2016 2nd Iranian Iron & Steel Conference taking place from September 26-28 in Isfahan, Iran. The event overview states: "There is much to discuss, with sanctions being removed, new projects and investment opportunities planned across Iran and an in-depth look at the central Asian region steel industry" (2nd Iranian Iron & Steel Conference, 2016).

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CMI UVK GmbH reportedly participating in the Iran Mines & Mining Industries Summit, being held in Tehran May 31-June 1, 2015. (IMIS Website, “List of companies participating in IMIS”)

"Hyundai Oilbank Co , South Korea's smallest refiner by capacity, has bought its first Iranian condensate cargoes to prepare for trial runs at a new refining unit in its joint venture with Lotte Chemical, two sources with knowledge of the matter said on Friday. Condensate, an ultra-light form of oil, is mainly used to produce chemical feedstock naphtha. Hyundai's plant is one of several to come online across Asia and the Middle East, boosting demand for condensate. Hyundai bought two cargoes of about 1.1 million barrels loading in June and August ahead of the start-up of its new splitter, the sources said. The first cargo arrived last month and the second cargo is expected to arrive in early September along with 1 million barrels of Qatari condensate, they said. Hyundai Oilbank's joint venture with Lotte Chemical, known as Hyundai Chemical, is expected to start trial runs of the new 130,000 barrels-per-day splitter in Daesan on the country's west coast in August-September and to start commercial production in the fourth quarter, a company's spokesman said." (Reuters, "Hyundai Oilbank buys first Iranian condensate for new splitter - sources," 8/12/2016).

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“Hyundai Chemical, a joint venture between Hyundai Oilbank Co and Lotte Chemical, could be Iran's next customer as it is due to start trial runs at a new 110,000-bpd splitter in Daesan on the country's west coast in August-September, trade sources said. Iran's South Pars Condensate (SPC) could make up more than half of the unit's feestock, one source said.” (Reuters, “South Korea's condensate imports from Iran to soar in June,” 6/9/2016)

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"South Korea plans to boost imports of Iranian oil, especially condensate, this year to meet growing demand after sanctions on the Islamic nation were lifted in January... South Korea's trade ministry said the two countries would establish a payment system to facilitate smooth trade of crude and condensate between National Iranian Oil Company and South Korea's SK Energy and Hyundai Oilbank. South Korea's condensate demand is expected to grow this year as Hyundai Oilbank will start operations at a new splitter." (Reuters, “South Korea plans to boost Iran oil imports, especially condensate,” 3/2/2016)

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Hyundai Oil Bank is a subsidiary of Hyundai Heavy Industries.

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“South Korea's crude imports from Iran surged 104 percent in February from a year earlier as refiners hiked purchases ahead of maintenance shutdown starting from March, according to the country's customs data and a refining source. South Korea imported 1.1 million tonnes of Iranian crude last month, or 294,069 barrels per day (bpd), up 4.5 times from January and double from a year earlier, preliminary customs data showed on Saturday…’The two refiners had to hike the imports ahead of maintenance shutdown starting from March. Before and after the maintenance, refiners usually import more to meet annual import contracts,’ a Seoul-based refining source told Reuters. Of four South Korean refiners, SK Energy and Hyundai Oilbank are the only ones that buy Iranian oil on a regular basis. Their Iranian crude imports can vary from month to month as one of the two refiners that buy from the OPEC receives the oil only every other month. SK Energy will shut a 260,000 bpd No. 5 crude distillation unit (CDU) and a 57,000-bpd No.1 gasoline-making unit in the second quarter for maintenance, a spokesman at parent SK Innovation Co Ltd said. Hyundai Oilbank will shut its No.1 110,000-bpd CDU in April for maintenance, it said last month.” (Reuters, “S.Korea Feb Iran oil imports soar ahead of shutdown," 3/15/14)

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"South Korea's Iranian crude imports fell in October from September, meeting a targetted 15 percent cut in its shipments from the OPEC member for the June-November period to secure an extension of its six-month U.S. sanctions waiver…outh Korea imported 420,402 tonnes of Iranian crude last month, or 99,405 barrels per day (bpd), down more than a quarter compared with September and down nearly a half from a year earlier, preliminary customs data showed on Friday…The total means South Korea met the 125,814 bpd it aims to achieve in its imports from Iran in the six months through November…South Korea's Iranian crude imports vary from month to month as one of the two Korean refiners that buys from Iran receives oil only every other month, according to industry sources. The imports unexpectedly jumped in July from the year-earlier period before dropping off again in August. SK Energy and Hyundai Oilbank are the only South Korean refiners that take Iranian oil on a regular basis. South Korea, the world's fifth-largest crude buyer, imported a total of 10.7 million tonnes of crude last month against 11.1 million tonnes in October 2012, data from the Korea Customs Service also showed on Friday." (Reuters, "S.Korea's Oct Iran oil imports drop, meet target," 11/15/13)

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"South Korean refiners SK Energy and Hyundai Oilbank are the only two in the country to import Iranian crude. Spokesmen at both refiners declined to comment". (Reuters, "South Korea Pledges 15 Percent Cut to Iran Oil Imports," 06/24/13)

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"Its two buyers of Iranian crude, refiners SK Energy and Hyundai Oilbank, are shutting a combined 560,000 bpd of refinery capacity for planned maintenance between March and June." (Reuters, "UPDATE 1-S.Korea's Iran crude imports for March down 16.2 pct y/y," 4/22/2013)

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"South Korean refiners SK Innovation Co. and Hyundai Oilbank Co. resumed shipments after Iran offered its own vessels." (Bloomberg, "South Korea’s Oil Imports From Iran Rise 24% From a Year Earlier," 1/14/2013)

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"South Korean refiners will cut imports of Iranian crude during the six months to May by about a fifth from a year earlier, to avoid sanctions by Washington, government and industry sources told Reuters on Monday. Last week the United States granted 180-day waivers on Iran sanctions to China, India, South Korea and some other countries after they cut oil purchases from the Islamic Republic . . . South Korea, the world's fifth largest importer of crude, and one of Iran's biggest oil customers, gave the assurance on the size of the cuts in talks with the United States following discussions with Korean refiners, the sources said. Such a cut would imply South Korean imports of about 147,814 barrels per day (bpd) over the period to next May, since the country imported 184,767 bpd of Iranian crude from December 2011 to May 2012. Two refiners, SK Energy and Hyundai Oilbank, now import about 200,000 barrels per day of crude from Iran." (Reuters, "South Korea to cut Iran crude imports 20 percent," 12/10/12)

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"Hyundai Oilbank Co. operates a 395,000 barrel-a-day refinery in Daesan." (Bloomberg, "Iran Oil Tanker Signals for Daesan as Korea Continues Importing," 11/6/2012)

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"An Iranian supertanker is heading to South Korea with a cargo of oil, according to shipping data, as the Islamic republic uses state-owned tankers to make deliveries in response to sanctions over its nuclear program. The Brawny, a very large crude carrier that can take on 2 million barrels of oil, left the Iranian port of Kharg Island yesterday and is provisionally scheduled to discharge its cargo at Daesan in South Korea, according to transmissions captured by IHS Inc. (IHS) on Bloomberg. National Iranian Tanker Co. owns the vessel. Hyundai Oilbank Co. operates a 395,000 barrel-a-day refinery in Daesan." (Bloomberg, "Iran Seen Sending Own Supertanker to Deliver Oil to South Korea," 10/5/12)

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"Another refiner, Hyundai Oilbank, will lift two million barrels in Iran by the end of the month, the government source said." (Reuters, "S.Korea's SK Energy lifts 2nd Iran crude cargo-source," 9/26/2012)

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"South Korean refiners will resume imports of up to 200,000 barrels per day of Iranian crude from September, economy ministry sources said on Monday, ending a two-month gap due to a European Union ban on insurance cover for Iranian oil . . . Total imports envisaged at resumption will be six million barrels per month, or 200,000 bpd. SK Energy will import four million barrels per month and Hyundai Oilbank will import two million barrels per month, the economy ministry source added. This is the volume refiners agreed in term contracts with Iran for this year." (Reuters, "S.Korea to resume Iran oil imports from Sept -econ min sources," 8/20/12)

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"South Korean refiners plan to resume buying crude from Iran in September after a two-month hiatus due to a European Union embargo that made shipping the oil difficult, government and refining sources said on Wednesday. The refiners have, like their Chinese and Indian counterparts, asked Iran to deliver crude on Iranian tankers, government and industry sources said. This shifts the responsibility to Iran for insurance, sidestepping a ban in the EU on insurers from covering Iranian shipments . . . . South Korean refiners and the National Iranian Tanker Company (NITC) are close to finalising a deal that would allow loading to resume from September, sources said.'Refiners have requested Iran to deliver crude, and the deal is almost reached,' a government source with direct knowledge of the matter said . . . Two refining sources confirmed the request had been made to NITC. SK Energy and Hyundai Oilbank are the only two South Korean refiners that import Iranian crude. The refiners would buy a similar quantity of oil as they had prior to the July stoppage, sources said. There may be some variance month by month due to the size of vessels available for imports from NITC, one refining source said." (Reuters, "S.Korea to resume buying Iranian crude in Sept," 8/8/12)

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"There's a 'high chance' that South Korea will resume importing Iranian crude oil in the near future, Minister of Knowledge Economy Hong Sukwoo said Thursday…Iranian officials have since offered accident insurance coverage worth a maximum of $1 billion on Iranian tankers shipping crude oil to South Korea, a Hyundai Oilbank official said earlier this month.

Hyundai Oilbank and SK Energy, the two South Korean refiners that imported Iranian crude, are considering Iran's offer to provide shipping services, officials from both companies have said…South Korea usually imports around 10% of its crude-oil requirements from Iran, but that percentage declined to 7.4% in the first six months of this year." (Dow Jones, "S Korea Oil Imports to Iran Seen Restarting," 7/26/12)

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"Iranian officials have offered accident insurance coverage worth a maximum of $1 billion for Iranian tankers shipping Iranian crude oil to South Korea, a Hyundai Oilbank official, who declined to be named, said Wednesday. Hyundai Oilbank and SK Innovation (096770.SE), which fully owns the nation's other refiner, SK Energy, are considering Iran's offer, officials from both companies said. Both companies imported crude oil from Iran until European Union sanctions that took effect July 1 effectively cut off insurance on Iranian crude shipments July 1 . . . The South Korean refiners are considering using the ships of NITC, or National Iranian Tanker Co., they said. Hyundai Oilbank is negotiating the details--including the offer of insurance and the number of monthly shipments--with Iranian officials, the Hyundai Oilbank official said. An agreement may be reached by the end of the month, he said. Meanwhile, Hyundai Oilbank is waiting for the government, which apparently finds the Iranian proposal 'acceptable,' to give it its official blessing, he said. A government official who asked not to be identified told Dow Jones Newswires earlier this week that government officials were leaning toward accepting the Iranian insurance proposal but that it was 'too early to say' whether it would be approved." (Nasdaq, "Iran Offers $1 Billion Insurance on Tankers to S Korea," 7/18/12)

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"South Korea became the first major Asian consumer of Iranian crude to announce a halt to imports after the government said they would be suspended from July 1 due to a European Union ban on insuring tankers carrying Iranian oil . . . Of South Korea's four refiners, only SK Energy and Hyundai Oilbank import Iranian crude. Sources said both refiners will stop importing from Iran when the EU insurance embargo takes effect from July 1." (Reuters, "South Korea to halt Iran oil imports as EU ban bites," 6/25/12)

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"South Korean refiner Hyundai Oilbank, a heavy user of Iranian crude, postponed its planned $2 billion initial public offering on Friday due to the euro zone crisis, and ahead of a pending suspension of Iran crude imports on western sanctions…'The withdrawal has been widely expected in the market. Hyundai will be dealt the biggest blow should Iran oil imports be suspended because it has the highest portion of Iranian oil imports among local peers,' said Lee Jeong-heon, an analyst at Hana Daetoo Securities…Hyundai Oilbank is South Korea's biggest Iran oil buyer, sourcing around 20 percent of its total imports from Iran, higher than the country's 2011 average of 10 percent." (Reuters, "Iran crude buyer Hyundai Oilbank drops $2 billion IPO plan," 6/15/12)

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"Last month, industry sources said the only other South Korean refinery that buys Iranian crude, Hyundai Oil Bank, would stop imports from June... SK Energy had agreed to import 130,000 barrels per day (bpd) of Iranian crude this year under a long-term supply deal, while Hyundai Oilbank had agreed to import 70,000 bpd." (Reuters, "Exclusive: South Korea poised to halt Iran oil imports from July: sources," 5/21/2012)
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"SEOUL, March 29 (Reuters) - South Korean refiner Hyundai Oilbank is delaying plans for an initial public offer worth up to $2 billion, partly on investor concerns over its links to Iran, sources said, the second big Asian IPO to be snagged by Western sanctions against Tehran. Hyundai Oilbank, a heavy user of Iranian crude, is controlled by Hyundai Heavy Industries which initially aimed to list it in South Korea as early as May but is now looking at the second half of the year, three sources with knowledge of the matter told Reuters on Thursday. The delay follows the postponement of another Iran-linked IPO planned for Hong Kong and reflects widening fallout from the U.S.-led sanctions against Iran." (Reuters, "Hyundai Oilbank to delay $2bln IPO amid Iran sanctions - sources" 3/29/12)
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"Hyundai Oilbank, the only other South Korean refiner that buys Iranian crude, will import 70,000 bpd in 2012, unchanged from 2011, a Hyundai spokesman said on Wednesday... Hyundai is making contingency plans for any disruption in the flow, the spokesman said." (Reuters, "S.Korea buys more Iran oil but eyes alternatives," 1/4/2012)
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"In 2009 Iran exported 81,446 bpd of crude to South Korea, 12 percent up versus the previous year, while maintaining its rank as South Korea's fourth-largest crude supplier after Saudi Arabia, the UAE and Kuwait, according to the data from Korea National Oil Corp. South Korea's top refiners which buy Iranian crude include SK Energy (096770.KS) and Hyundai Oilbank." (Reuters, Iran's crude export and fuel import customers, 4/13/2010)

"Kim Gyo-hyun, CEO of Lotte Chemical (011170.KS), South Korea’s No.2 petrochemical maker, told the Global Commodities summit he did not think oil prices would spike due to tighter sanctions because the world has much larger crude oil stocks than it did in 2012. “We are not short of oil,” he said." (October 2017)

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"Hyundai Oilbank Co , South Korea's smallest refiner by capacity, has bought its first Iranian condensate cargoes to prepare for trial runs at a new refining unit in its joint venture with Lotte Chemical, two sources with knowledge of the matter said on Friday. Condensate, an ultra-light form of oil, is mainly used to produce chemical feedstock naphtha. Hyundai's plant is one of several to come online across Asia and the Middle East, boosting demand for condensate. Hyundai bought two cargoes of about 1.1 million barrels loading in June and August ahead of the start-up of its new splitter, the sources said. The first cargo arrived last month and the second cargo is expected to arrive in early September along with 1 million barrels of Qatari condensate, they said. Hyundai Oilbank's joint venture with Lotte Chemical, known as Hyundai Chemical, is expected to start trial runs of the new 130,000 barrels-per-day splitter in Daesan on the country's west coast in August-September and to start commercial production in the fourth quarter, a company's spokesman said." (Reuters, "Hyundai Oilbank buys first Iranian condensate for new splitter - sources," 8/12/2016).

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“South Korea, Asia's largest buyer of condensate, will step up purchases of the ultra light oil from Iran by more than 50 percent in June, two sources said, as competitive pricing squeezes out rival oil from Qatar. While South Korea does not provide separate data on imports of condensate, traders said the expected June shipments from Iran of at least six million barrels, or 200,000 barrels a day, would be a record level. Iranian condensate imports could gain further momentum in the fourth quarter, if Iran clinches a deal with Hyundai Chemical to supply the company's new splitter. Talks between Hyundai Chemical and the National Iranian Oil Company (NIOC) on a term supply deal are under way, a third source familiar with the matter said. South Korea, the world's fifth-largest crude buyer, has more than doubled its oil imports from Iran in the first four months of this year to about 248,000 barrrels a day after Western sanctions on Iran were removed in January… Hyundai Chemical, a joint venture between Hyundai Oilbank Co and Lotte Chemical, could be Iran's next customer as it is due to start trial runs at a new 110,000-bpd splitter in Daesan on the country's west coast in August-September, trade sources said. Iran's South Pars Condensate (SPC) could make up more than half of the unit's feestock, one source said.” (Reuters, “South Korea's condensate imports from Iran to soar in June,” 6/9/2016)

AKA Bank has agreed to attend the Marktchancen Iran conference (the “Conference”) in Frankfurt on November 28-29, 2016. According to its official website, the Conference is being organized to share information about export financing for Iran including, “[s]trategies to enter the Iranian market, Iran sanctions, Requirements (export controls and compliance), the Banking sector, Financial transactions, and Influence of the different institutions in Iran.” (Marktchancen Iran Website, “Home”).

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"German bankers have expressed enthusiasm in establishing normal banking links with Iran, the governor of the Central Bank of Iran says...Last week, Seif met with Jens Weidmann, the President of the Deutsche Bank to discuss ways to enhance banking cooperation between the Frankfurt-based lender and Iranian banks. He also met with presidents of AKA Bank and DZ Bank." (Financial Tribune, "Senior Bankers Review Int’l Prospects, Future Plan of Action," 07/21/2016).

"The deputy head of Iran Railways announced today that a $2.4bn letter of credit was ready to be drawn for work on the high-speed rail line between Tehran and Isfahan, the Mehr News Agency reports. Noorollah Beyranvand said the money, being loaned by the Export-Import Bank of China, was ready to be paid to China Railway Engineering Corporation (CREC), the company due to carry out the work. Other companies involved are Khatam Al-Anbia Construction, which is owned by Iran’s Revolutionary Guard, Germany’s Siemens, and Italferr, the consulting arm the Italian national rail operator Ferrovie dello Stato." (Global Construction Review, " 6/10/2019).

Iran signed a contract with CREC to build Iran’s first high-speed line in 2015, and agreed the loan in July 2017. The project is expected to cost at least $1.8bn.

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"China’s Exim Bank (the Export-Import Bank of China) penned a contract with Iran’s Bank of Industry and Mine to finance $1.5 billion for signaling of Tehran-Mashhad railroad, IRIB news reported." (July 25, 2017)

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"CBI deputy governor has reported on attraction of financial resources worth 7.2 billion dollars through three international banks. Deputy Governor of the Central Bank of Iran (CBI) for Foreign Exchange Affairs Gholamali Kamyab, while pointing to foreign exchange projects pursued by CBI in the field of Resistance Economy, said attraction of 10 billion dollars of external resources remained as one objective defined by the central bank in the area of Resistance Economy. 'Measures taken by CBI in this regard include extensive negotiations with some foreign banks like Export-Import Bank of China (China Eximbank), the Italian Mediobank as well as Danske Bank of Denmark,' noted the official." (Mehr News, "Iran Attracts $7.2bn Finance From 3 Foreign Banks," 1/8/2017).

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"Iran says it has signed two memorandums of understanding (MoUs) with two major Chinese banks to provide loans for its key development projects. The banks that will provide the loans to Iran are the Export-Import Bank of China (EXIM) and China Development Bank (CDB). They signed the MoUs with Iran during a visit to Beijing by the country’s Minister of Economy and Financial Affairs Ali Tayyebnia. EXIM had already signed another basic agreement with Iran to finance a high-speed train service between Iran’s capital Tehran and Mashhad in the north-eastern province of Khorasan Razavi. The bank signed the agreement with Iran’s Ministry of Roads and Urban Development in January. Tayebnia arrived in Beijing on Monday at the head of a high-ranking delegation to participate the 16th meeting of the Iran-China joint economic commission, which was held on Tuesday and Wednesday. The Iranian minister later met China’s Vice Premier Wang Yang who urged Iran to take their bilateral cooperation to the next level." (PressTV, "China seals deals to award loans to Iran," 08/18/2016).

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Central Bank of Iran (CBI) will open two euro and yuan accounts in Exim Bank of China in order to facilitate settlement of banking transactions. (“CBI to open accounts in Exim Bank of China,” Mehr News Agency (Iran), August 17, 2016.)