South Korea

"Iranian electronics manufacturer Entekhab plans to acquire Dongbu Daewoo Electronics by purchasing a 100 percent stake in the smaller Korean consumer electronics firm, local financial sources said Sunday." (January 2018).

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According to Korean and Iranian media sources, Korea Development Bank (“KDB”), as a creditor for Dongbu Steel, is considering “putting off the plan … to sell off the cash-strapped company’s [Dongbu Steel] electric furnace used for hot-rolled steel production [at the Dangjin plant] to an Iranian steelmaker amid concerns that the U.S. could walk out a nuclear deal with the Middle Eastern country.”  (Pulse News, “S. Korea’s creditors may call off Dongbu Steel furnace sale to Iranian steelmaker,” 10/23/2017; Financial Tribune, “S. Korean Firm May Call Off Furnace Sale to Iranian Steelmaker,” 10/26/2017).

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Dongbu Group is a “Global conglomerate corporation which operates through seven business segments with 59 subsidiaries and 40,000 employees.” These segments include steel, chemicals, construction and electronics. Dongbu CNI, a Dongbu Group subsidiary specializing in IT and electronics, lists an office in Tehran. Other Dongbu subsidiaries and major affiliates, including Dongbu Corporation, hold $40 million in contracts with the U.S. government. 

Hanwha Corporation Tehran Representative Office listed on its company website.

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Hanwha Corporation is a major South Korean Conglomerate composed of  "two major business units: The Explosives Division which makes commercial explosi-ves, technologically advanced defense industry products and aerospace products, and the Trade Division." According to a list of "Achievements" posted on its company website, the "Explosives" unit of Hanwha Corporation has engaged in multiple projects in Iran. Many of these projects have involved other South Korean companies including Sungjin Geotec Co. and POSCO. The same list reveals that Hanwha Corporation has engaged in business with Petrochemical Industries Design and Engineering Company (PIDEC), one of Iran's largest engineering companies.

Hanwha Corporation's subsidiary, Hanwha E&C, holds around $60 million in contracts with the US government. 

“Korea's automotive parts makers such as Hyundai Wia are in danger of losing the money from selling auto parts to Iran. As the United States government extended the sanctions on the pariah nation to be in effect on July 1, it has also banned financial transactions such as payments for bills payable. To make matters worse, most Korean banks have stopped releasing the money wired by Iranian importers even before the sanctions go into effect… Given Hyundai Wia supplies 95 percent of its parts to Hyundai and Kia, the new sanctions will hurt the company's bottom line acutely.” (The Korea Economic Daily, “Hyundai Wia in Danger of Losing Big in Iran,” 6/27/13)

"South Korean trader E1 Corp has bought 44,000 mt of LPG from Iran's Petrochemical Commercial Co., possibly the first spot cargo from the Middle Eastern producer to come to Asia this year, after an EU ban on propane and butane trade from Iran brought its exports to a near halt since late last year, market sources said last Friday. The cargo comprising 33,000 mt of refrigerated propane and 11,000 mt butane was purchased via a spot tender by E1 for loading over May 15-25, and will be shipped by PCC on a CFR basis, a source familiar with the matter told Platts... Traders said that this is the first tender issued and awarded by PCC since September last year, which was heard to have also been won by E1... 'I gather Iranian tons reappearing on the market seems to have been the catalyst to Eastern selling,' one market source said, adding that E1 featured as sellers of Contract Price swaps over the last last few days." (Platts, "Iran LPG cargo may be first to come to Asia this year after EU ban - sources," 3/12/13) 

Samsung Total is a joint-venture between Samsung Group and Total SA.

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"Refiners in South Korea, the fourth biggest buyer of Iranian crude, need to make further cuts to offset new purchases of Iranian oil from Samsung Total Petrochemicals, the official said. The South Korean joint venture revived the contract with Iran after a year's hiatus, as thin margins in plastics make the cheap crude from Iran hard to resist." (Reuters, "US seeks to sanction firms disguising Iranian oil shipments," 1/31/2013)

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"Samsung Total Petrochemicals, a joint venture between South Korea's Samsung Group and French energy giant Total, bought Iranian condensate because thin profit margins in plastics production make inexpensive fuel from the Islamic Republic hard to resist, people familiar with the deal said last week... Samsung Total has declined to comment on the deal. But a spokesman for Total in Paris said the group has complied with all measures applicable to the group." (Reuters, "U.S. plays down purchase of Iran oil by company in South Korea," 1/28/2013)

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"South Korea would look for alternative supplies from Saudi Arabia, Qatar and the UAE if it could no longer import from Iran, a source at a buyer of Iranian LPG said. The same suppliers have helped to fill the gap on international markets left by the reduction in Iran's crude oil exports this year. Three South Korean firms - E1, SK Gas and Samsung Total - import propane and butane, sources said." (Reuters, "EU sanctions strangle Iranian LPG exports to Asia," 10/31/2012)

SK Shipping is a subsidiary of SK Holdings and works in conjunction with SK Energy

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"Earlier this month, two South Korean shipping companies said they had suspended importing Iranian crude due to a separate EU embargo set to come into force from July. SK Shipping, which handles the needs of refiner SK Energy, said it shipped its last cargo from Iran early this month and it would arrive by the end of June." (AFP, "S.Korea reports sharp fall in Iran oil imports," 6/25/12)

Sungjin Geotec is a subsidiary of South Korean Steel Company POSCO

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According to an Annual Report filed by POSCO for fiscal year 2012: "We acquired a controlling interest in Sungjin Geotec Co., Ltd. (“Sungjin Geotec”), a manufacturer of specialized equipment used in the power and energy industries in May 2010, and we currently hold a 33.0% interest in the company. In recent years, Sungjin Geotec entered into contracts with various suppliers to supply equipment for the development of natural gas fields in Iran, including natural gas fields located in South Pars that is led by Pars Oil and Gas Company, a subsidiary of National Iranian Oil Company. Sungjin Geotec recognized revenues of approximately Won 27 billion in 2010, Won 240 billion in 2011 and Won 134 billion in 2012, and net profits of approximately Won 1 billion in 2010, Won 15 billion in 2011 and Won 25 billion in 2012 related to such activities. Sungjin Geotec has completed or terminated all of its remaining outstanding supply contracts to sell equipment for the development of natural gas fields in Iran, and it does not plan to engage in any sale of equipment in Iran related to the country’s development of petroleum resources in the future."

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

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

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"The latest development in the tug-of-war between Iran and Saudi Arabia has manifested in the kingdom blocking an investment deal by South Korea in Iran’s steel industry. South Korea’s POSCO Engineering & Construction had signed a $1.6 billion memorandum of agreement with the Iranian steelmaker, Pars Kohan Diar Parsian Steel (PKP), in May 2016, to build a steel mill incorporating POSCO’s proprietary technology in Iran’s Chabahar Free Trade-Industrial Zone." (January 23, 2018).

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POSCO is the parent company of Sungjin Geotec Co., LtdPOSCO, and Daewoo Internationalbsp;POSCO has an extensive American presence through its subsidiaries and joint ventures including POSCO America Corp., United Spiral Pipe LLCUSS-POSCO Industries

POSCO 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”)

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"Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) welcome cooperation with South Korean POSCO (Pohang Iron and Steel Company) in implementing new steel projects in southern Iran, deputy minister said Saturday... Deputy Industries, Mines and Commerce Minister and head of IMIDRO Mehdi Karbasian made the comment in a meeting with the visiting top manger of POSCO Jin Sik Choi, further elaborating that Iran-Korea cooperation in steel field will be along the southern coasts of Iran, including in Chabahar, Bandar Abbas and Asaluyeh... The top POSCO manager said that his multinational firm is ready to assist Iran in implementing its steep plants using the modern 'Finex' technology. Jin Sik Choi said that POSCO has recently assembled a steel plant with nominal annual production capacity of two million tons and before that a steel factory with annual 1.5 million ton production, both using the Finex technology." (IRNA, "Iran welcomes South Korean cooperation in steel projects," 1/31/15)

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"South Korea's POSCO has announced readiness to invest in Iran's steel projects, the Fars News Agency reported on March 15. A number of officials from POSCO met with officials from Iran's Mobarakeh Steel Company in the Iranian city of Isfahan. Korea's export-import companies are expected to benefit as the Obama administration issued a statement on January 20 that it would temporarily lift sanctions against Iran, according to Businesskorea website. South Korea regained the right to resume the export of automobile parts and steel and import of oil from Iran, which has historically been its major supplier…The steel industry is among the beneficiaries of the ease of sanctions. Sales of steel products totaled $373 million. The market share of steel products is also 24.3 percent, nearly a quarter of the whole market. Particularly, the demand for steel plates for automobiles is expected to rise, and overall, Iran's focus on manufacturing is expected to help to increase the general demand for steel as a whole.” (Trend, “South Korea’s POSCO ready to participate in Iran’s steel projects,” 3/15/14)

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"South Korean steelmaker POSCO , minority-owned by Warren Buffett's Berkshire Hathaway, has cut ties with government entities and sensitive industries in Iran such as energy and continues to trade with private firms, a letter showed... In a letter sent to U.S. pressure group United Against Nuclear Iran (UANI) dated Feb. 28 and seen by Reuters, POSCO, a top global steelmaker, said it had scaled down business  with Iran. 'Certain of POSCO's subsidiaries continue to engage in transactions in Iran,' POSCO's chief legal officer Song Se-Bin wrote in the letter. 'However, these transactions involve only the civil market. Moreover, these POSCO entities engage in transactions only with Iranian entities that POSCO believes, based on its best due diligence efforts, are not owned or controlled by the Iranian government.' Song said POSCO entities had 'completed, terminated or assigned all of their activities related to the sensitive sectors of the Iranian economy - the energy, defence and nuclear sectors.' 'Although these efforts have resulted in the loss of certain projects and substantial financial losses to the POSCO entities, POSCO believes it important that it be regarded as a responsible corporate citizen.' A targeted campaign by UANI, which includes former U.S. ambassadors as well as former CIA and British intelligence chiefs on its board, has led to several foreign companies in sectors including shipping to exit Iran. UANI, which is funded by private donations and backs tougher sanctions on Tehran, had called on POSCO to cease its Iran trade. UANI chief executive Mark Wallace said it appreciated the company had taken multiple steps to reduce its Iran business. 'We continue to call, however, for POSCO to fully end its business in Iran,' said Wallace, a former U.S. ambassador to the United Nations.  'Given the nature of the business, the only way for POSCO to eliminate its exposure to the Iranian regime and IRGC-controlled entities is to completely pull out of the country,' he said, referring to the Revolutionary Guards, which reports directly to Iran's Supreme Leader. POSCO, which is 5.1 percent owned by Berkshire Hathaway , is the world's No.5 steelmaker by output. Buffett's business partner Charlie Munger has frequently praised POSCO as being, in his opinion, the best-run steelmaker in the world. Buffett, via his assistant, could not be immediately reached for comment. When contacted about its Iran deals, POSCO spokeswoman Jiyoung Kim said: 'POSCO and its subsidiaries stopped trades with Iranian government and state-run Iranian companies.'POSCO will abide by the law regarding U.S. sanctions on Iran, and plans to actively cooperate with U.S. policies.'... POSCO's Song said in the letter it followed strict guidelines on trading with Iran which required written confirmation from the Korea Strategic Trade Institute, which is under Seoul's economy ministry, that any investment or trading did not directly or significantly contribute to enhancing Iran's oil capabilities or involve blacklisted entities or individuals. Song said POSCO personnel would 'face disciplinary action for non-compliance' if they did not adhere to its trading policies in Iran.  'POSCO shares UANI's goal of thwarting Iran's nuclear programme,' Song said." (Reuters, "S.Korean POSCO cuts back on Iran steel business," 3/12/2013)
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"We engage in limited business activities and investments relating to Sanctions Targets, including Iran, Myanmar and Sudan . . . Our subsidiaries also engage in limited business activities and investments relating to Sanctions Targets . . . We expect to continue operations and investments relating to countries targeted by United States and European Union economic sanctions." (SEC, "Form 20-F," 4/30/12)

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"We acquired a controlling interest in Sungjin Geotec Co., Ltd. (“Sungjin Geotec”), a manufacturer of specialized equipment used in the power and energy industries in May 2010, and we currently hold a 36.7% interest in the company. In recent years, Sungjin Geotec entered into contracts with various suppliers to supply equipment for the development of natural gas fields in Iran, including natural gas fields located in South Pars that is led by Pars Oil and Gas Company, a subsidiary of National Iranian Oil Company." (SEC, "Form 20-F," 4/30/12)

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"POSCO, a construction company in which we hold an 89.5% interest, engages in the planning, design and construction of industrial facilities in Iran."(SEC, "Form 20-F," 4/30/12)

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"Daewoo International, a global trading company in which we hold a 66.6% interest, engages in the trading of steel, raw materials and other items with Sanctions Targets, including Iran and Sudan."  (SEC, "Form 20-F," 4/30/12)

"Korean Register (KR) and Iranian Classification Society have signed a memorandum of understand to set up a joint venture firm in Tehran to offer plant facility certification and engineering services." (Seatrade Maritime News, "Korean Register forms joint venture with Iranian Classification Society," 5/24/2016).

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"The last big company doing classification work on Iranian ships, key to securing insurance and ports access, said on Friday it is stopping the work, spelling further difficulty for Iran's shipping, including its oil exports. The Korean Register of Shipping (KR) is the last of the world's top 13 classification societies to halt marine work in Iran following a recent exodus, including Britain's Lloyd's Register, triggered by Western sanctions on Tehran. 'In early August, the Korean Register of Shipping took the decision to stop providing classification services to Iranian ships. All relevant authorities and parties concerned were informed at that time,' KR said in a statement on Friday... In July, KR had sidestepped calls by U.S. pressure group United Against Nuclear Iran to halt its verification work saying it was concerned that vessel safety and marine environment protection could be compromised... IACS members such as Germany's Germanischer Lloyd and France's Bureau Veritas pulled out of Iran after being urged to exit by United Against Nuclear Iran, which includes former U.S. ambassadors on its board and is funded by private donations. The pressure group backs tougher sanctions on Iran. 'We applaud KR for this responsible and significant decision,' a spokesman for the group said on Friday. 'KR has joined other shipping services and countries in forcing Iran's business partners to now assume most all of the shipping risks for their business with the regime." (Reuters, "Iran faces new blow as South Korea firm ends ship work," 9/28/12)

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"Under pressure from lobbying groups campaigning against Iran's nuclear program, some specialized companies that supply the safety certificates required for ships to dock at foreign ports are terminating their dealings with Iran... Iranian tankers in need of safety certificates aren't out of options, as Asian classification societies have stepped into the breach. A spokesman for the Korean Register of Shipping said it provides classification services to a small number of Iranian ships as part of its ongoing contractual responsibilities. The Korean Register is in charge of surveying seven tankers, according to its website." (Wall Street Journal, "Iran's Oil Ships Sail Into Troubled Waters," 6/24/12)

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“KR visited Iran in early August with the aim of obtaining statutory survey status from the Iranian administration; to sign a cooperation agreement with the Iranian Classification society (ICS); and to contract a trilateral agreement between KR, ICS and the Iranian Ports & Maritime Organization (PMO).” (KRS Website, Press Release. “KR Visits Iran For Mutual Cooperation,” September 2009)

SK Innovation, the owner of South Korea’s top refiner SK Energy and petrochemical maker SK Incheon Petrochem, has been replacing Iranian condensate with crude oil from other countries including Qatar and Russia, a top official said on Monday. (5/26/2019)

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South Korean oil buyers are expected to restart Iranian oil imports in late January or early February, the head of South Korea’s SK Innovation, which owns South Korea’s biggest oil refiner SK Energy, said on Wednesday. (1/9/2019).

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In 2015 SK Innovation was removed from Pennsylvania Treasury's List of Scrutinized Companies Determined as Having Involvement In Iran because the company's "involvement in purchases of crude oil falls uner the waivers granted by the U.S. government that meet Section (a)(2) of Act 44's expiration clause."
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In 2013, SK innovation was added to the Pennsylvania Treasury's List of Scrutinized Companies Determined as Having Involvement in Iran because government oil-related activity. 

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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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"SK Innovation Co. took delivery of an oil shipment on Oct. 2 in Ulsan, Yoo Jung Min, a spokesman at South Korea’s largest refiner, said last month." (Bloomberg, "Iran Oil Tanker Signals for Daesan as Korea Continues Importing," 11/6/2012)

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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 . . . A spokesman at SK Innovation, which owns SK Energy, told Reuters last Friday that the talks with Iran were progressing well, and the refiner expected to resume the imports around September loading." (Reuters, "S.Korea to resume Iran oil imports from Sept -econ min sources," 8/20/12)

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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 . . . 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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"SK Innovation Co., one of two South Korean oil refiners that import Iranian crude, said Tuesday that it hasn't decided whether to halt Iranian imports and is closely consulting with the government about the matter. SK Innovation fully owns SK Energy, the country's largest oil refiner, which relies on Iran for around 10%-15% of its crude-oil imports." (The Wall Street Journal, "Official: South Korea Has No Plans To Halt Iran Crude," 5/22/2012)