South Korea

"[L]eading companies from South Korea and Taiwan preferred to offer their quality polymeric products in Iran Mercantile Exchange (IME) to open the gate to the country's lucrative market... Korea Petrochemical Company [was] accepted by the IME to offer [its[ products in this market... Heavy Polyethylene grade P600BL from Korea Petrochemical Company were the items which were presented in petrochemical hall of the IME." (Fars, "South Korea, Taiwan Offer Polymeric Products in Iran Mercantile Exchange," 10/11/2014)

On its Company Website, Iran is listed as a part of RMK's "Global Network." (RMK Company Website, "Global Network")

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On its Company Website, the U.S.  is listed as a part of RMK's "Global Network." (RMK Company Website, "Global Network")

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“At this week's annual Oil, Gas and Petrochemical Fair in Tehran, a massive event that attracted 600 foreign companies, Lee said she was here to stay….Mike Song, a sales official at South Korea's RMK Co Ltd, which started supplying pipes, valves and other equipment in Iran 10 years ago, said big opportunities await, if the political obstacles can be removed. ‘Business with Iran has been dwindling -- practically with no new orders -- due to sanctions and pressures,’ he said. ‘We want to make a comeback.’” (AFP, “China may lose out if Iran oil sanctions lifted,” 5/9/14)

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Accroding to its Company Website, RMK attended Iran's 19th annual international oil show. (RMK Website, "New Release," 5/6-5/9/14)

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On December 1st, 2013, RMK signed a Technical Collaboration Agreement with Homa Steel in Iran. Under the deal, “RMK will support technically to Homa Steel, built new factory recently, which can produce Pipe and Tube products with the Drawing Machine, Heat Treatment Furnace, Swaging and Straightening Machines etc. supplied and installed by Raremetal Korea. RMK will delegate the Engineers to Homa Steel for Supervision of Production, Process and Quality Control etc. and also invite Homa’s Engineers for Technical Training at RMK Factory. RMK will receive the Initial Payment and Running Royalty regularly from Homa Steel as a compensation for this kinds of service.” (RMK Company Website, “News Release,” 12/6/13,)

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According to its Company Website, RMK attended the Iran’s 18th annual oil show in May 2013. (RMK Company Website, “News Release,” 5/31/13)

Hyundai Engineering and Construction is listed on the March 1, 2022 Report to the New Jersey Legislature Iran Divestment as a prohibited company.

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On February 16, 2021, Iowa Public Employees' Retirement System removed Hyundai E&C from its Iran Prohibited Companies List. 

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As of December 2020, Rhode Island continues to list Hyundai E&C as an Iran scrutinized company for active involvement of at least $50 million in Iran's energy sector.

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As of July 2020, Hyundai E&C remains on the Pennsylvania Treasury's List of Scrutinized Companies Determined as Having Involvement In Iran because of oil-related investment of US $20 million since 1996. 

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Hyundai E&C is listed on the 4Q 2020 Minnesota State Board of Investment List of Unauthorized (Scrutinized) Iran Companies.

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On May 15, 2020, the IPERS identified Hyundai E&C on its Iran Prohibited Companies List.

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On January 20, 2020, Minnesota SBI listed Hyundai E&C as a scrutinized investment. The managers are explicitly instructed to refrain from purchasing securities on this list.

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As of October 2019, Hyundai Engineering & Construction remains on the Pennsylvania Treasury's List of Scrutinized Companies Determined as Having Involvement In Iran because of oil-related investment of US $20 million since 1996. 

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As of August 15, 2019, the state of Iowa listed Hyundai Engineering & Construction on its Iran scrutinized companies list.

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"South Korea’s Hyundai Engineering & Construction said on Monday that it scrapped a 595 billion won ($521 million) deal to build a petrochemicals complex in Iran, saying the Iranian customer’s ability to fund it had been hit by the prospect of U.S. economic sanctions against Tehran." (Reuters, 10/29/2018)

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In 2018 the U.S. state of Iowa listed Hyundai Engineering & Construction on its Iran prohibited companies list rendering Hyundai Engineering & Construction ineligible for investment and/or state contracting.

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In 2017 the U.S. state of Pennsylvania, Rhode Island and South Carolina listed Hyundai Engineering & Construction Co., on its Iran scrutinized list for an oil related involvement of at least US $20 million since 1996, rendering Hyundai Engineering & Construction ineligible for investment and/or state contracting.

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In 2016, Hyundai Engineering & Construction was added to the Pennsylvania Treasury's List of Scrutinized Companies Determined as Having Involvement in Iran because of oil-related investment of US $20 million since 1996 and new involvement was identified.

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“Korean construction firms are paying attention to Iran, the fourth largest client in the global construction market. Responding to the lifting of sanctions against Iran, they are taking swift actions, such as strengthening market survey and preparing to enter the market…Korean construction firms are taking actions behind the curtains while watching international political situations. Hyundai E&C and Daelim, two major constructors in Korea, have operated a local office in Tehran where Korean and Iranian employees work together in order to re-enter the Iranian market at some point. An official from a large construction firm said, ‘Since gaining trust from a client is very important in the Middle East, Korean construction firms have maintained relationships (with Iranian clients) even after sanctions.’ Kwon Myeong-gwang, an ICAK manager in charge of Iran and Kuwait markets, said, ‘Iran is a big market, and projects that couldn’t be embarked on due to economic sanctions may come to the market all at once,’ adding, ‘Construction of oil and gas facilities is promising.’” (The Dong-A Ilbo, “Will thawing sanctions against Iran boost construction business?” 2/2/14)

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“Construction shares are showing strength on the news of the Iranian government reaching an agreement with six world powers to curb its nuclear activities in return for about $7 billion in sanctions relief, after days of intense talks in Geneva. At 9:18 am on November 25, the shares of Daelim Industrial were traded at 98,000 won, up 4.59 percent from the previous day's 93,700 won. Other construction shares such as Byucksan Engineering & Construction (14.92%), Namkwang Engineering & Construction (12.27%), Daewoo Engineering & Construction (3.23%), Sungjee Co. (3.13%), and Hyundai Engineering & Construction (1.47%) also increased by a large clip. The KOSPI construction industry index rose 2.99 percent, the highest among all other industrial sectors.” (The Korean Economic Daily, “Construction Shares Rise on the Back of Iran Nuclear Deal,” 11/26/13)

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“Hyundai Engineering & Construction (Hyundai E&C), the nation’s largest construction firm, has successfully diversified its business portfolio to maintain steady growth in the ever-uncertain global market. Hyundai traditionally focused on civil engineering, but has added power plants and electricity supply networks in recent years. Its diversified business areas ensure that they will complement each other, said the company…Hyundai’s big break in plant making came in 2005, when it completed a gas processor near the South Pars Gas Field in Iran. Worth $1.6 billion, and utilizing 18,300 workers daily, the construction giant finished the project in 35 months, a record for a project that size, according to the company. ‘We became the contractor that many sought for gas processors after the success of the project,’ said the Hyundai spokesman.” (Korea Times, “Hyundai E&C diversifies portfolio,” 4/25/13)

GS Engineering & Construction is listed on the March 1, 2022 Report to the New Jersey Legislature Iran Divestment as a prohibited company.

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As of March 9, 2021, GS E&C remained on the Florida SBA List of Continued Examination Companies with Petroleum Energy Activities in Iran. 

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In 2020, the U.S. state of Mississippi listed GS E&C on its state lists of Companies Doing Business with the Iranian Petroleum/Natural Gas, Nuclear and Military Sectors, rendering it ineligible for investment and/or state contracting.

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GS Engineering is listed on the June 2019 Alaska Retirement Management Board, Companies Doing Material Business with Iran list.

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GS Engineering is listed on the March 2019 Alaska Retirement Management Board, Companies Doing Material Business with Iran list.

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In 2018 GS Engineering & Construction was removed from Pennsylvania Treasury's Iran List of Prohibited Investments because "there is no recent evidence that indicates the company meets criteria."

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In 2017 the U.S. state of Alaska, Minnesota and Pennsylvania listed GS Engineering & Construction on its list of companies doing material business with Iran rendering GS Engineering & Construction ineligible for investment and/or state contracting.

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In 2017 the U.S. state of Florida listed GS E&C on its continued examination list of companies with petroleum energy activities in Iran. 

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"South Korean construction firm GS Engineering and Construction is moving to jump back into the Iranian construction market after eight years. GS E&C is currently in talks with Entekhab Investment Development Group to lead the construction design of a petrochemicals project in the Middle Eastern country. The design contract is reportedly expected to be worth some $6 million." (November 2017)

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GS E&C is a subsidiary of GS Group

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On its Company Website, GS E&C lists an "overseas branch office" in Iran.

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“GS E&C, a Korean construction company, has recently started to survey the Iranian market to decide on its entry into the market. This proactive attempt is a response to the limited lifting of sanctions against Iran. Expecting that the barrier to the Iranian market will be eliminated, the company is closely watching international situations such as Iran’s nuclear negotiations while collecting information about Iran from its employees who have worked in Iran. It is internally said that the company ‘is ready to enter the Iranian market with a click of a button.’ Before Iran is sanctioned, GS E&C won a deal for the construction of gas desulfurization plant facilities in Iran, which was worth 1.4 billion U.S. dollars, in 2009. An official from GS E&C said, ‘Most of Iran’s strategic projects of building gas processing facilities in South Pars were granted to Korean construction companies. Iran is an important market for Korean firms,’ adding, ‘Once a bid process kicks off, remarkable Korean companies, which can meet the requirements for price, technology and construction duration all together, will enter the market’…In 2009 when Iran was not sanctioned, Korean construction firms won projects worth about 2.49 billion dollars in total in Iran. In terms of the amount, Iran was the fifth largest client to Korean construction firms, following the United Arab Emirates and Saudi Arabia…According to the International Contractors Association of Korea (ICAK), Iran’s construction market is estimated to be about 88.7 billion dollars in 2013 and expected to almost double by 2016 (about 154.4 billion dollars). This kind of estimation is based on that Iran has an urgent need to build new plants in order to export its crude oil and that its demands for infrastructure must be large given its land scale.” (The Dong-A Ilbo, “Will thawing sanctions against Iran boost construction business?” 2/2/14)

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In 2011, GS E&C was added to the Pennsylvania Treasury's List of Scrutinized Companies Determined as Having Involvement in Iran because of oil-related investment of US $20 million since 1996.

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“South Korea's GS Engineering & Construction (GS E&C) said on Thursday that it has called off a 1.42 trillion won ($1.2 billion) gas project in Iran following sanctions on the Middle East nation. The company said in a filing to a regulatory agency that it it had cancelled on Wednesday the contract to sweeten gas from the South Pars field in Iran, signed with the Pars Oil and Gas Company (POGC) last October. The White House on Wednesday said U.S. President Barack Obama would sign into law tough new sanctions targeting Iran's energy and banking sectors…South Pars is on the Iranian side of the world's largest known gas reservoir not associated with oil production.” (Reuters, “S.Korea GS E&C says scraps $1.2 bln Iran gas deal,” 7/1/10) 

On Jun 7, 2013 STX Pan Ocean went bankrupt.^[1]

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Pan Ocean is a subsidiary of STX Corporation.

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On Pan Ocean's Company Website, the Islamic Republic of Iran is listed among those countries on the "Service Routes" of Pan Ocean Tankers, Break Bulk Liners, and Trampers.

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“Iranian and South Korean officials underlined their willingness to further broaden their relations in shipping and maritime sector. Deputy Head of Trade Development Organization of South Korea Kiman Nam and Managing Director of Iran's Ports and Maritime Organization Mohammad Saeednejad, in a meeting in Tehran on Sunday, discussed ways for increased presence of South Korean vessels in Iranian waters. Managing Directors of South Korean Hyundai, Pan Ocean and Hanjin shipping lines who took part in the meeting highlighted boosting the mutual cooperation on ports, sea and shipping lines. The Iranian official, on his part, said the country is ready to work with South Korean companies, and added Iran is ready for a shipping line agreement with the country. The South Korean official, for his part, said his country is ready for bolstering naval and port cooperation with Iran. Late in January, Iranian Parliament Speaker Ali Larijani and his South Korean counterpart Kang Chang-hee, in a meeting in Tehran, voiced their capitals' willingness to open new avenues for expansion of their bilateral relations in all spheres. The volume of non-oil trade transactions between Iran and South Korea stood at $6.2 billion in 2012.” (Fars, “Iran, South Korea to Enhance Maritime Cooperation,” 3/10/14)

"Samsung C&T Corp., Hyundai Engineering & Construction Co. and four other companies signed seven MOUs with Iranian medical schools to build seven medical centers with a combined 6,000 beds in Tehran during a business fair held in the Iranian capital on Saturday and Sunday, according to the Ministry of Health and Welfare." (May 18, 2016). 

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Samsung C&T is a construction and trading company that lists a liaison office in Tehran. It is a subsidiary of Samsung.