South Korea

"According to media reports, high-ranking officials from such large business groups as SK, Hanjin and KT Corp. have already expressed their wish to join as they are seeking deals in each of their interested areas including energy, airline and telecom." (Yonhap News Agency, “Korean companies anxious to grab bigger share of Iranian boom,” 4/21/2016)

"Major Iranian shipping company Islamic Republic of Iran Shipping Lines and oil producer Iranian Offshore Oil Co. have reached preliminary deals with South Korean shipyards for orders worth around $2.4 billion, people involved in the talks said Tuesday. The agreements are part of Iran’s efforts to make a comeback in global shipping after the lifting of international sanctions earlier this year, but completing the orders will depend on financing that the Iranians haven’t yet secured, the people said. 'The yards are making slots available to the Iranians starting in 2018 and 2019,' one of the people said. 'The Iranians are trying to make the 20% down payments through oil state-to-state deals to finalize the orders.' ... Islamic Republic of Iran Shipping Lines, known as IRISL, operates a fleet of container vessels, bulk carriers and tankers. It has signed a memorandum of understanding with Hyundai Mipo Dockyard, a subsidiary of shipbuilding giant Hyundai Heavy Industries Group, for up to 10 petroleum-product tankers and at least six so-called handysize bulk carriers. Product tankers cost around $30 million each and handysize bulkers around $20 million apiece." (The Wall Street Journal, “Iranian Oil, Shipping Companies Set For $2.4 Billion Ship Deals,” 6/7/2016)

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"Islamic Republic of Iran Shipping Lines is negotiating with Hyundai Heavy Industries to purchase up to three mega-ships with capacities of 14,500 twenty-foot-equivalent units, sources close to the matter said. The purchase will help IRSIL break into the ranks of the world’s largest container lines by capacity. Its total capacity of 96,160 TEUs ranks it as the 22nd-largest global carrier, according to maritime analyst Alphaliner. Sources said the ships would range in cost from $120 to $130 million and represent the continuation of a relationship between the Hyundai group and IRISL. 'In 2008, IRISL ordered some ships in our sister yard, Hyundai Mipo Dockyard, but that order was suspended as sanctions kicked in,' a source at HHI said. 'Now, IRISL wants larger ships, which is under the purview of HHI.' The purchase comes after IRISL and CMA CGM in January with the signing of an agreement on terminal access, capacity sharing, and jointly operating certain routes. If HHI wins the deal, it will be the first South Korean shipbuilder to win orders from an Iranian company since the lifting of international sanctions on Iran in January." (JOC, “Islamic Republic of Iran Shipping Lines in talks for mega-ships,” 4/6/2016)

" The South Korean Daewoo Shipbuilding and Marine Engineering Co. is to establish a shipbuilding company in a joint venture with Iranian state-run companies, Tehran Times daily reported on Tuesday." (January 11, 2017)

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"Major Iranian shipping company Islamic Republic of Iran Shipping Lines and oil producer Iranian Offshore Oil Co. have reached preliminary deals with South Korean shipyards for orders worth around $2.4 billion, people involved in the talks said Tuesday. The agreements are part of Iran’s efforts to make a comeback in global shipping after the lifting of international sanctions earlier this year, but completing the orders will depend on financing that the Iranians haven’t yet secured, the people said. 'The yards are making slots available to the Iranians starting in 2018 and 2019,' one of the people said. 'The Iranians are trying to make the 20% down payments through oil state-to-state deals to finalize the orders.' ... Islamic Republic of Iran Shipping Lines, known as IRISL, operates a fleet of container vessels, bulk carriers and tankers... Iranian Offshore Oil Co., a subsidiary of state oil giant National Iranian Oil Co., is in advanced talks for firm orders of at least five jack-up rigs with Daewoo Shipbuilding & Marine Engineering Co. at around $205 million each, the second person said." (The Wall Street Journal, “Iranian Oil, Shipping Companies Set For $2.4 Billion Ship Deals,” 6/7/2016)

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"Daewoo Shipbuilding & Marine Engineering (DSME) has won the right to manage Iran's state-run shipbuilder, paving its way into the Middle Eastern nation with huge growth potential. DSME said Monday that it recently signed a memorandum of understanding (MOU) with the Iranian government to run Iran Shipbuilding & Offshore Industries Complex. Under the agreement, DSME will also transfer manufacturing technology to the Iranian shipbuilder. The deal is widely expected to help DSME and other domestic shipbuilders win orders from refiners and other companies in Iran... Iran has been seeking to cooperate with Korean shipbuilders to modernize its aging dockyards... According to DSME officials, the Industrial Development and Renovation Organization of Iran (IDRO), the state-run organization in charge of the nation's strategic industries such as automobiles and shipbuilding, is seeking to form a partnership with the Korean shipbuilder. Among others, IDRO wants to acquire advanced technology and dockyard management knowhow from DSME in order to transform Iran into a shipbuilding industry hub in the Middle East. The organization also requested DSME to invest in Iran to manufacture equipment and intermediary materials." (The Korea Times, “Daewoo Shipbuilding to manage Iranian shipbuilder,” 5/16/2016)

"In November, South Korea's Iranian crude imports more than quadrupled from a year earlier as Hyundai Chemical's new condensate splitter boosted the country's ultra-light oil demand from the Middle Eastern country... South Korea is one of Iran's major oil customers. Seoul imported 14 million tonnes, or 281,187 bpd, of crude from Tehran in 2016, up 145.4 percent from 5.7 million tonnes, or 114,595 bpd, in 2015." (Reuters, "S.Korea's Dec Iran crude imports surge 648.2 pct on year," 1/14/2017).

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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.” (Reuters, “South Korea's condensate imports from Iran to soar in June,” 6/9/2016)

"South Korea’s Hanwha Total Petrochemical Co Ltd [SMCHE.UL] has increased imports of condensate from the United States and Australia and is seeking more European cargoes to replace Iranian supplies, two industry sources said on Thursday." (8/28/2018)

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"Hanwha Total Petrochemical Co. bought alternative supply after a fire on board an Iranian oil tanker that was destined for the South Korean company. Crew members of the vessel were still missing following a collision in the East China Sea with another ship that’s left it in danger of sinking." (January 2018)

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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... Two South Korean buyers, refiners SK Energy and Hanwha Total Petrochemical Co, are set to lift at least six million barrels of Iranian South Pars condensate in June, up from about 3-4 million barrels in April and May, two sources with knowledge of the matter said. A Hanwha spokesman said the refiner planned to import about 2 million barrels of Iranian condensate in June, as it was cheaper than oil from Qatar and the company wanted to diversify its sources of supply.” (Reuters, “South Korea's condensate imports from Iran to soar in June,” 6/9/2016)

As of December 2020, Rhode Island continues to list SK E&C as having active investment in Iran's energy sector of at least greater than $20-50 million.

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Halted work on a $1.88 billion contract to upgrade an oil refinery in Tabriz. ("Sinopec persists with Iran refinery upgrade," Argus Media, September 20, 2018.)

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"South Korea’s SK Engineering & Construction said on Sunday it had signed a deal with Iran’s Tabriz Oil Refining Company worth $1.6 billion to renovate the Iranian company’s refinery facility. SK E&C said in a statement that the project involves upgrading Tabriz Oil Refining Company’s 110,000-barrels-per-day refinery, which opened in 1976 and is located in the northwest of Tehran." (August 6, 2017).

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"SK Engineering & Construction (E&C) has bagged a 4.1 trillion won ($3.6 billion) contract to build and operate new power plants in Iran. According to an SK E&C official, Sunday, the construction firm purchased a 30 percent stake in UNIT International, Turkey's energy giant. Under the deal, SK E&C is expected to participate in the Turkish firm's ongoing project to build and operate five new gas-fired power plants in Iran. SK E&C will build and operate five new power plants in five locations throughout the country, Iran's largest private energy project ever to produce a combined generation capacity of 5,000 megawatts. "The project is monumental," Land, Infrastructure and Transport Minister Kang Ho-in said." (Korean Times, "SK E&C Clinches 4.1 Trillion Won Project In Iran," 3/19/2017).

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"South Korea’s SK Engineering & Construction Co. has signed a contract to launch a feasibility study for a $20 million modernization project for Iran’s Parsian Oil & Gas Development Group Co. (POGD). Under the non-binding agreement, SK will first explore business prospects on the project of refurbishing facilities of Tabriz Oil Refining Co., an affiliate of POGD, in Tabriz, a northwestern city of Iran. The work includes upgrades to desulfurization equipment worth $20 million and other gasoline manufacturing facilities, said an official of the company. The study will take about six months." (Tehran Times, “SK Engineering tapped to renovate oil refining facility in Iran,” 6/5/2016)

"The company was reported as potentially having exposure to Iran through a parent company, Doosan Corp. In a letter dated November 29, 2017 the company stated it has no business activities in Iran. In 2018 CalPERS determined to maintain the company in "monitor" status for possible changes in status relevant to the Act. CalPERS has determined to maintain the designation for 2020."

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"Iran and the Republic of Korea on Monday signed three agreements in the form of one memorandum of understanding (MOU) and two memorandums of agreement (MOA) during Iran-Korea Business Forum in Tehran… Another MOA was inked between the Korean Doosan Heavy Industry and Construction and the Iranian Negin Mokran Development Company (NMDC).." (Tehran Times, “Leader asks literati to care about current issues,” 6/21/2016)

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“We have tried to enter the Iranian market by, for example, signing an MOU with Iran’s National Water and Wastewater Engineering Company in April this year,” said Yoon Seok-won, head of the Water BG of Doosan, adding, “This SAKO Project signed at this time based on the recent summit talks between South Korean President Park Geun-hye and Iranian President Hassan Rouhani will be the starting point to increase our presence in the Iranian water market, which is estimated to grow to reach US$2 billion in 2018.” (April 1, 2016).

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"Doosan Heavy Industries recently held a showcase in Iran to target the water conversion market with its affiliates overseas, including Doosan Skoda Power. 'Iran is a huge market that will help us break through the slumping economy and low international oil prices,' said Kim Heon-tak, a vice president of Doosan Heavy Industries. 'We will try to find an opportunity in the water conversion business with our industry-leading technology.'" (Korea Joongang Daily, “Korea courts big business in Iran,” 3/1/2016)

As of May 17, 2021, Iowa's Public Employee's Retirement System lists Korea Electric on its Iran Scrutinized Companies List.

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According to its Annual report filed with the SEC for fiscal year 2019: "We previously engaged in limited activities relating to Iran, but all of such activities have been terminated upon the withdrawal of the United States from the JCPOA."

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In 2019 Korea Electric was listed on the Texas Comptroller List of Companies Engaging in Scrutinized Business Operations in Iran.  

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According to its 2018 Annual Report filed with the SEC in April 2019: "We previously engaged in limited activities relating to Iran, but all of such activities have been terminated upon the withdrawal of the United States from the JCPOA. We are currently in the process of closing down our representative office in Tehran, Iran, which is expected to take more than one year due to relevant legal procedures. We have announced to all relevant Iranian counterparties, all of which were either the Government of Iran or state-owned enterprises, our intention to terminate all business activities in Iran. We previously entered into agreement with counterparties in Iran including the following:

• We engaged Mehr Renewable Energy Company for project design documentation services to register with United Nations Framework Convention on Climate Change our CDM business to be conducted in Iran.
• Korea Electric Power Research Institute, which is operated by us, entered into cooperation agreements with Iran’s Niroo Research Institute regarding various joint research and development efforts relating to power plants, renewable energy, smart grids and other energy-related technologies."

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As of August 15, 2019, the state of Iowa listed Korea Electric on its Iran scrutinized companies list.

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According to its Annual Report filed with the SEC for fiscal year 2017: "A summary of our current projects in Iran follows. We have entered into a cooperation agreement with Tavanir, an Iranian state-owned electricity provider, under which we would carry out a pilot “advanced metering infrastructure (AMI)” project. AMI enables checking the electricity usage amount remotely. The project is being conducted in Pak Dasht City and Hormuz Island, Iran. This project involves installing over approximately 2,500 smart meters. The development and production of AMI equipment and materials are complete, and we have obtained permission from the Ministry of Trade, Energy and Industry of Korea to export the equipment. We currently plan to ship the AMI equipment and materials to Iran during April 2017, install them in May 2017, and complete the project by July 2017.
   
We are in the process of negotiating various agreements with Tavanir under which we would provide consulting services relating to (i) improvement of Iran’s electricity demand through load management, efficiency improvement and tariff system improvement, (ii) formation of a roadmap for intelligent electricity transmission system in Iran by improving transmission reliability and implementing automation, (iii) reduction of electricity loss during transmission in the electricity system of Iran, (iv) development of a clean development mechanism (CDM) for the recovery and recycling of the sulfur hexafluoride gas in Iran for purposes of carbon emission reduction, and (v) modeling the installation of energy storage systems in Iran. Funding for the last project will be provided by the Ministry of Trade, Industry and Energy of Korea under its Official Development Aid program.
   
We have participated in a feasibility study of the proposed adoption by Tavanir of a 765 kV electricity transmission network. Our task involved reviewing Tavanir’s feasibility report. A final report summarizing our review of the feasibility report and a technical review of the transmission network was submitted in February 2017.

We are in the process of negotiating a contract with Thermal Power Plant Holding Company of Iran under which we would build and operate combined cycle power plants at Zanjan and Neyzar, Iran.

 We have submitted a draft proposal to the Iran Energy Efficiency Organization under which we would provide consulting services in relation to AMI security in Iran.

We are in the process of conducting a feasibility study for a solar power project in Iran.
   
Our wholly-owned subsidiary, Korea Western Power, is currently pursuing a “build, operate and transfer” project relating to a 500 megawatts combined cycle power plant in Sirjan, Kerman in Iran, through a consortium with Daewoo E&C, a Korean construction company, and Gohar Energy, an Iranian energy company. The consortium is currently conducting a feasibility study.

Korea Electric Power Research Institute, which is operated by us, has entered into cooperation agreements with Iran’s Niroo Research Institute regarding various joint research and development efforts relating to power plants and renewable energy." 

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In 2018 the U.S. state of Iowa listed Kepco on its Iran prohibited companies list rendering Kepco ineligible for investment and/or state contracting./ Owned by Korea Development bank

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"An official has announced that seven new power plants will be constructed inside the country by Russian and South Korean companies. Mohsen Tarztalab, the General Manager of Iran's Thermal Power Plant Holding (TPPH), described signing of new contracts for designing and construction of new power stations in collaboration with foreign investors during the post-JCPOA era saying 'a Memorandum of Understanding (MoU) has been recently inked with Russian contractor Technoprom energy firm for building a 1400MW power plant in the southern Iranian port city of Bandar Abbas.' ... Moreover, South Korea's Hyundai Engineering Company (HEC) and Korea Electric Power Corp (KEPCO) have signed agreements with Iran over joint construction of three other power generating plants in Zanjan, Qom and Bafgh cities." (Mehr, "Foreign firms to build  power houses in Iran," 08/28/2016).

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"Posco Energy, in cooperation with the Korea Electric Power Corporation (Kepco), Posco E&C and PKP, recently signed an MOU for an off-gas power plant and desalination project in Iran. Posco Energy and Kepco will be in charge of operating and maintaining the plant and desalination facility, while Posco E&C will oversee their construction." (Korea JoongAng Daily, “Posco signs deals to export its tech to Iran,” 4/29/2016)