South Korea

"HMM said it will be ceasing to provide access to services to and from Iran on designated cargoes from June 9 in the wake of US pulling out of the deal, reflecting its fear of U.S. secondary boycott measures, which call for penalties for third-party companies and individuals in trade with a target country. HMM said it detailed timelines for its last bookings for specific cargoes in a note to clients sent on Monday, considering 90-day and 180-day grace periods for cargo shipping to and from Iran by industry and item. Shipping of items under the 90-day grace period, originating from Busan, will be halted from June 9 and such items include raw materials such as graphite, aluminum and steel, as well as semi-finished metals, gold and precious metals, coal, industrial process integration software, materials or products related to Iran`s automotive sector." (Pulse, 5/25/2018)

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"South Korean carrier Hyundai Merchant Marine is preparing to halt activities in Iran after President Trump announced that the United States was pulling out of the Iran nuclear deal." (5/25/2018)

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"Ahead of the nuclear agreement, carriers had already begun calling at Iran’s biggest container terminal at Shahid Rajaei, about 23km west of Bandar Abbas, equipped with 18 ship-to-shore gantry cranes, said Alphaliner. Hyundai added the port to its Korea-East Asia-Middle East Express (KMS) service, operated with seven 6,300-6,800 teu ships in April." (Loadstar, "Carriers Swift to Join Global Players Eyeing the Trade Potential in a Sanction-free Iran," 7/30/15)

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"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)

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"South Korea's government said the country's top two shippers, Hanjin Shipping Co Ltd and Hyundai Merchant Marine Co Ltd, had ended direct shipments to Iran in May, with the Middle Eastern nation's economy already reeling from measures imposed by the West to curb its nuclear programme. Hyundai Merchant will also cease so-called trans-shipments of freight ultimately destined for or originating in Iran from June 15, while Hanjin halted such business on June 8, the marine, energy, finance and foreign affairs ministries said in a joint statement on Tuesday. Hanjin and Hyundai Marine, the only two South Korean shippers that had been dealing with Iran, both confirmed the government statement, saying they were cooperating in efforts against Iran's nuclear programme." (Reuters, "S.Korea shippers join overseas rivals in shunning Iran business," 6/11/2013) 

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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 . . . Hyundai Merchant Marine said it had not carried any Iranian crude for Hyundai Oilbank in June. SK Energy and Hyundai Oilbank are the only Korean refiners still importing Iranian oil. They said the suspension was temporary as Seoul seeks an exemption from the EU measures." (France 24, "S.Korea reports sharp fall in Iran oil imports," 6/25/12)

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"Hapag-Lloyd's previous Bandar Abbas service had been jointly operated with South Korea's Hyundai Merchant Marine. A source familiar with the matter said Hyundai had reduced its shipping service to Iran and was closely monitoring the situation. 'Hyundai's vessels, however, en route via Bandar Abbas do not contain any refinery or nuclear-related products since those items are blacklisted,' the source said." (Reuters, "Sanctions blowback crippling Iran's shipping trade," 12/1/2011)

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Hyundai Merchant Marine is a container shipping company, part of the conglomerate Hyundai Group. It is an "integrated logistics company, operating around 160 state of the art vessels" (Company Website).

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After a ten year hiatus, Hyundai Merchant Marine resumed shipping to Iran through the port of Bandar Abbas (Business Monitor - "Hyundai MM Enticed Back to Iran After 10 Years", 5/25). Hyundai Merchant Marine's website gives addresses and contact listings for offices in Tehran and Bandar Abbas (Company Website).

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In the past, Iran has used foreign-operated vessels to ship weapons caches (Business Monitor - "Hyundai MM Enticed Back to Iran After 10 Years, 5/25). 

"Hyundai Oilbank Co., a major South Korean refiner, plans to import 2 million barrels of Iranian condensate this month, a person familiar with the issue said Monday.

It would be Hyundai Oilbank’s first imports of ultralight crude since September, two months before the United States imposed the most biting sanctions ever on Iran. US President Donald Trump abandoned a landmark 2015 nuclear deal with Iran in May." (Korea Herald, 2/14/2019).

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In June 2016 Hyundai Oilbank markedly increased imports of Iranian oil. (Mehr News, “S Korea’s Iranian crude imports double in Jan-April period,” 6/7/2016).

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MOPCIO is the exclusive agent of Hyundai OIL BANK South Korea in IRAN.

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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)

"A recent announcement by Iranian car company SAIPA that Kia Motor has halted its operations in Iran brought the role of foreign firms in Iran’s auto sector in sharp focus. On August 3, SAIPA announced that Kia Motors terminated its Iran operations due to US sanctions. This is while informed sources previously said that the South Korean company had suspended its operations in the country months ago. SAIPA has reported on its website, “Just like French car companies, Peugeot and Citroen, and the Chinese automaker Brilliance, Kia has also cut its ties with SAIPA.”" (Financial Tribune, "Carmakers Taken to Task for Iran Exit," 8/12/2019).

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"SAIPA auto company is to sign two joint production deals with East Asian automotive giants Nissan and Kia. The two companies previously had a strong presence in Iran.   Kia currently sends complete knock down (CKD) kits of the older version Kia Cerato as part of a assembly deal with SAIPA." (July 2017)

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Kia Motors resumed its knockdown business with Saipa, Iran's No.2 car maker, earlier this year. 1,200 Fortes (local brand: Serato) were locally produced during the first quarter. Kia has also sold 800 finished cars to the market, including some of the K3 model. The brand's representative sedan Pride had once been one of the most commonly seen cars on Iran's roads along with Peugeot, before the sanctions. (The Dong-A ILBO, “Hyundai to ‘knockdown export’ Mighty to Iran,” 5/18/2016). 

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There is currently a Facebook page entitled “Kia Motors Iran,” which links to the Iranian dealership Atlaskhodro and whose website also advertises for Kia.  (Facebook, “Kia Iran Motors,”; Atlaskhodro Website, “Homepage”).

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Kia states that it “has a long history of building locally to meet the specific needs of local customers, with assembly operations using ‘car kits’ (supplied from Korea), in … Iran… ”  (Kia Website, “KIA MOTORS CORPORATION”).

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Kia is part of the Hyundai Kia Automotive Group.

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"Managing Director of SAIPA auto manufacturing company said with regard to the existence of proper infrastructures in the country the government has put support for foreign investment on its agenda. Saeed Madani, speaking at the second International Conference on Auto Industry, further remarked that SAIPA auto manufacturing group is capable of manufacturing 945 thousand vehicles in the country plus 46 thousand in foreign sites such as Syria, Iraq, Venezuela and Sudan... He said negotiations have been held with Volvo and expressed hope that manufacture of this brand will commence jointly, adding that at present SAIPA has joint cooperation with Renault, Nissan, Kia..." (IRNA, "Support for Foreign Investment in Auto Manufacturing Industry," 12/1/14)

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"[T]he auto sanctions were lifted earlier this year after an interim nuclear agreement was reached between Iran and world powers and a final accord is still on the horizon, raising the prospect of better times for the industry. That will draw international suitors to Tehran on Monday for the second consecutive Iran Auto Show. Mercedes Benz, Volkswagen, Renault, Peugeot, Kia and Toyota have confirmed [they will attend]." (Agence France-Presse, "Foreign automakers find Iranian market has gone local," 11/30/14)

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"Iran totally imported 51,967 cars in the first half of the current Iranian calendar year (March 21 - September 22). Hyundai with 24,991 cars was the main exporter of cars to Iran in the mentioned period, Peykhabar News Website reported on Nov. 15. Kia Motors with 9,339 cars..." (Trend, "Korea’s Hyundai gains lion share of Iran’s car imports market," 11/16/14)

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"Last week, Qorbani announced that Benz, Volkswagen, Volvo, Fiat, Rover, Skoda, Renault, Peugeot, Kia and Toyota would take part in the Iranian auto expo, adding that the US car-manufacturers would also join the event. 'In case of desirable conditions, General Motors and Ford companies will also attend the event.' He continued that some leading car parts makers, including Siemens, FORD Mendo, Busch, FRW and ACI would attend the gathering. The event will start work on December 10." (Fars News, "55 Giant Int'l Carmakers, Part-Makers to Participate in Iranian Auto Expo," 11/2/14)

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“For example, Iranian auto manufacturer Pars Khodro produced 240,923 Kia Pride cars for one year between March 2011 and February 2012.  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)

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"According to the report, 17 car brands have been permitted to be imported in the current year. The cars include Hyundai (2 models), ABT, Alfa Romeo (2 models), MG, SsangYong, Toyota, Renault (6 models), and Kia (2 models). Previously, 25 car brands were included in the list, such as South Korean brands (Kia and Hyundai), Chinese brands (SAIC motors), Italian brands (Fiat, Alpha Romeo), Japanese brands (Honda, Mitsubishi), German brands (ABT), and Swedish brands (Volvo)." (Azer News, "Iran bans imports of renowned car brands," 5/27/2013) 

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"South Korea's Kia Motors, whose Pride model is ubiquitous on Iranian roads, said Tuesday it had suspended exports to the Islamic state partly in response to Seoul's nuclear-related sanctions. 'South Korean government sanctions... were part of the decision,' Kia spokesman Michael Choo told AFP, declining to comment further. Kia's Pride, a small hatchback, accounts for 30-40 percent of all vehicles on Iran's roads, according to the company. The firm last year exported 4,210 complete vehicles to Iran and 17,040 cars in kit form for local assembly. Kia suspended all exports to Iran last month, including completed vehicles, kits and spare parts -- before South Korea's government announced its detailed measures but after it announced its intention to impose sanctions . . . Kia, with its larger partner Hyundai Motor, forms the world's fifth largest automaking group." (Google News, "South Korea's Kia halts exports to Iran," 9/13/10)

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"Kia has a production agreement with Saipa, Iran's second-biggest car producer. Saipa currently manufactures the Kia Rio under license. Kia entered the Iranian car market in 1993 when it won a contract to set up an assembly plant." From 2000-2009, the company was the recipient of $706,745 US federal funds. Their business in Iran is currently active.  (The New York Times, "Profiting from Iran, and the US," 3/6/2010)

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"Saipa 141 with a 1323 cc three cylinders engine has been described as a popular car because of its low fuel consumption, good customer service as well as cheap auto parts. Saipa 141 is a car made by Iranian carmaker Saipa using the platform of the Kia Pride Car." (Press TV, "Saipa launches production line in Syria," 7/3/09)

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"Foreign car makers seeking volume are gambling their US businesses - and getting away with it by licensing models in Iran, the country's 70 million population too big to ignore as markets elsewhere mature. Kia of Korea is producing a version of the Pride with Saipa, Peugeot a take on its popular 405 model with both Saipa and Iran Khodro, and Renault has a $300 million investment with Saipa to produce the Logan and the Megane." (Sydney Morning Herald, "Iran’s car industry stuck in 1970s gear," 10/16/06)

"The [Iranian] government has put a wholesale ban on imports of home appliances from South Korea, and is gearing up to apply bans on other foreign products. On September 29, Supreme Leader Ayatollah Ali Khamenei instructed President Ebrahim Raisi to ban the importation of home appliances, specifically from “two South Korean firms” which he didn’t name, reportedly to stave off the insolvency of domestic manufacturers. Yet there is no certainty that by ejecting Samsung and LG, it will be the South Korean corporations that will be at a loss. Instead, Iranian consumers are already peeved that the government has stripped them of credible options for their choice of domestic appliances, and they are now discovering that low-quality, inefficient homemade products are an inevitability for the foreseeable future." (Asia Times, "Iran bans goods from South Korea’s Samsung and LG," 11/29/21).

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According to the Republic of Korea Embassy in Iran's website, "Representatives from Samsung Electronics, LG Electronics, SK Networks and DL E&C, among others, attended [a] meeting [in Iran], and discussed the outcome of the recent visit of the Korean Prime Minister to Tehran, and shared the companies’ business activities as well as ways to promote the bilateral economic relationship between Korea and Iran." (4/18/21).

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On Friday, referring to the two Korean giants Samsung and LG that have left the Iranian market under the pressure of the U.S. sanctions, Iran's Foreign Ministry Spokesman said it would be much more difficult to return later for those who were "strong-armed by the United States to leave". Iran was a key market for the products of the two South Korean companies including TV and audio sets, home appliances, air conditioners and mobile phones....Both companies assembled some of their products in Iran but cut down on providing products and parts to Iran and have now completely stopped. In his tweet on Friday which came with a photo of workers pulling down a Samsung banner, Mousavi said that Iranians will "not forget friends who stand by their side at times of hardship". The two companies which stopped selling to Iran two years ago under the pressure of sanctions had not stopped their advertising in Iran. 

Samsung, like most other leading brands, stopped directly selling smartphones to Iran when the sanctions began. Samsung was officially represented in Iran and used to run after-sales service centers in major cities.

However, illegally imported smartphones of various brands such as Samsung and Apple are still quite abundant in the market." (Radio Farda, "Iran Warns Korean Giants Forced By Sanctions Not To Leave Market," 2/15/2020).

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LG Engineering is listed by the Iranian firm, Sazeh Consultants, as a “Participant” in the Borzooyeh Petrochemical Company project. (Sazeh Consultants Website, “About”).

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"Among Asian businesses rethinking their dealings with Iran are banks, oil companies and technology giants including Huawei Technologies Co., Lenovo Group, LG Electronics Inc. and Samsung Electronics Co. South Korean consumer-electronics giants Samsung and LG already have reduced exposure to Iran and are consulting with government officials in Seoul to determine whether they must withdraw from the nation entirely following the end of U.S. oil waivers, according to business people in Tehran who work with the companies. Iran had been financing purchases from both companies with funds generated from the sale of oil and crude-based products." (Wall Street Journal, "Asian Companies Pull Back From Iran Amid U.S. Pressure," 4/24/2019).

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Lists three sales subsidiary offices in Tehran, Iran on its company website. 

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In 2017 the U.S. state of Minnesota listed LG on its Iran restricted companies list rendering LG ineligible for investment and/or state contracting.

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"Iran Khodro Co., an automaker in Tehran, is in talks with LG International Corp. to develop electric vehicles for the Iranian market. 'Negotiations are under way,' said Hashem Yeke Zare, managing director of Khodro. The companies may clinch the deal in autumn, he said in an interview in Tehran. LG International, which is based in Seoul, would supply batteries and other components to the automaker and install charging stations. Khodro would make the cars. The partners aim to manufacture 60,000 vehicles by 2023. 'We are currently carrying out the plans to developing electric vehicles and to setting up charging infrastructure in Iran,' said an LG spokesman. The company declined to give further details before the deal closes." (Bloomberg, "Iranian Automaker in Talks with LG to Make Electric Vehicles," 6/29/2016)

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LG has a company website for Iran in Farsi.

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"Iran is in talks with three Japanese and South Korean oil and gas companies to invest in its oil and gas projects, Head of Investment Committee of the National Iranian Gas Company (NIGC) Asghar Soheilipour said. He said that Japan's Mitsubishi and South Korea's LG and Samsung are negotiating with NIGC to design, establish, and install gas refineries and pipelines, Iran's Mehr news agency reported on Jan. 13. Some Japanese and Italian companies have announced readiness to implement projects even before lifting the international sanctions, he noted." (Trend, "Iran in Talks with Japanese, Korean Oil and Gas Companies," 1/13/15)

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"Head of the investment committee of the Iran National Gas Company (INGC) Asghar Soheilipour said that his company was offering information about Iran's top priority gas projects to potential foreign and domestic investors... The official referred to Mitsubishi, LG and Samsung as corporations having announced readiness for making investments in Iran gas projects." (IRNA, "Official: Foreign firms eying investment in Iran gas industry," 1/3/15)

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In 2014, LG was removed from Pennsylvania Treasury's List of Scrutinized Companies Determined as Having Involvement in Iran due to a change in ownership.
 

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"In the electronics and home appliances sections, sales of LG and Sony flat-screen televisions come with attractive service plans and free home installations. Local brands, such as Pars, go mostly ignored." (The Washington Post, "Iran hopes to resist sanctions by boosting production," 10/27/2012) 

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"After being hit by European and U.S. sanctions, Iran's oil sales are stabilizing as the country entices buyers with attractive prices and a form of barter. But proposed new U.S. restrictions could further bite into its crude exports later this year . . . A form of barter set up by Iran provides an incentive to keep—or in the case of Seoul, to resume—its crude purchases. Faced with banking sanctions that impede its ability to receive crude proceeds and settle its bills for imported goods, the Islamic Republic increasingly gets paid into accounts based in the Asian countries where it sells the oil and in their local currency. Iranian traders then draw on the reserves to purchase goods exported to Iran. South Korean products are ubiquitous in Tehran—from smartphones made by Samsung Electronics Co. Ltd. to LG Electronics Inc. televisions and even costume dramas on local televisions; Iranian imports from the country amounted to $6 billion last year." (Wall Street Journal, "Iran Barters and Bargains to Help Oil Sales," 8/7/12)

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LG maintains a partnership with Fariran, an iranian security comapny. According to its website, Fariran has over fifty retailers in Iran, “and was founded with the purpose of importing, distributing and installing LG CCTV security systems in Iran.”  (Fariran Website, “About Us,” Accessed 8/6/2012) 

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LG surveillance equipment, including the LT903N(P) Speed Dome Camera, is clearly advertised for sale on the website of IRANCCTV. (IRANCCTV Website, “PTZ Speed Dome Camera,” Accessed: 8/6/2012) IRANCCTV is a regime entity that operates under the auspices of Iran’s Ministry of Culture, which has been described in the Iranian media as “a censorship agency” and “all-out mechanism of control and repression” that violently interrogates journalists and activists in Iran. (Reporters Without Borders, “While pointing finger at Bahrain, Iran uses culture ministry to interrogate journalists,” 5/24/2012)

"Samsung Electronics and LG Electronics accounted for a combined 30 percent of Iran's mobile phone market, Korean major newspaper Dong-a Ilbo reported in January." (Reuters, "South Korea may limit exports to Iran on payment concerns: sources," 5/17/2012)

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In 2011, LG 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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"The lawmakers underlined a finding by the Congressional Research Service that 20 non-US firms may be in violation of the Iran Sanctions Act. They include Totalfina Elf of France; Italy's ENI; Bow Valley of Canada; the Netherlands' Royal Dutch Shell; Norsk Hydro of Norway; Russia's Lukoil; GVA Consultants of Sweden; Sheer Energy of Canada; LG of South Korea; Norway's Statoil; and Inpex of Japan." (AFP, “US lawmakers urge Obama to use Iran sanctions powers,” 10/21/09)

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"LG Electronics Inc. said Tuesday it has started producing handsets in Iran with a local partner. Production started this month, and the facility can make 1 million phones a year, LG spokeswoman Judy Pae said. Pae said she could not identify the Iranian partner or provide other details of the production arrangement or even the facility's location in Iran. Maadiran Group, which describes itself as Iran's leading technology and office automation company, said on its Web site in a Feb. 17 press release that it began producing five models of handsets under license from LG Electronics, the world's fifth-largest manufacturer of mobile phones . . . Pae said LG wants to be more competitive in the Middle East market, and the company plans to export the handsets to other countries in the region. In addition, by manufacturing in Iran, LG can avoid Iran's steep tax on imported handsets." (NBC News, "LG begins making mobile phones in Iran," 3/13/07)

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"GIANTS WITH A FOOT IN TEHRAN: Total, Shell, Statoil, BNP Paribas, Commerzbank, MTN, UPS, Linde, Technip, Nokia, Ericsson, Peugeot, Renault, OMV, Societe Generale, ENI, Mitsubishi, Sumitomo, Siemens, LG, Samsung, Bosch, Valeo, Nestle, Unilever, BAT, Japan Tobacco." (The London Times, "American pressure threatens UK firms," 5/27/06)

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"According to "Tehran Times", Iranian authorized dealers of the audio-visual, air conditioning systems and cellular phones affiliated to the Goldiran Co. got together in the Islamic Republic of Iran's Broadcasting (IRIB) Hall of Conferences in Tehran. The party was thrown in honor of S.S. Kim, chief executive officer and Vice President of the LG Electronics. Kim who is also the chief executive officer of Korean LG Electronics Company and among the 20 top economic managers in the world has received many awards in different managerial fields." (InfoProd, “Iran: Senior Managers of LG Electronics Hold Meeting in Tehran,” 11/18/04)

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"Iran signed a $1.6 billion contract with South Korea's LG Construction Co. Ltd. to further develop its huge South Pars offshore gas field in the Gulf. With the signing on Sunday, LG took a 42 percent stake in the project. The remaining 58 percent is held by the state-owned energy firms connected to the National Iranian Oil Company." (Associated Press, “Iran, LG of South Korea sign $1.6 billion gas deal,” 9/16/02)

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

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As of May 28, 2020, the Florida State Board of Administration (“SBA”) continues to list GS Holdings on its list of “Continued Examination Companies with Petroleum Energy activities in Iran.”  

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In December 2019, March 2019 and June 2019 the Alaska Retirement Management Board listed GS Holdings on its list of companies doing business with Iran. 

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On March 13, 2019, the Mississippi Department of Finance & Administration identified GS Holdings as a company “engaged in investment activities in Iran, providing funds, goods or services valued at $20,000,000 or more in the energy sector of Iran

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In 2017 the U.S. state of Alaska and Pennsylvania lists GS Holdings on its list of companies doing material business with Iran rendering GS Holdings ineligible for investment and/or state contracting.

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

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"South Korea's GS Engineering & Construction Group 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." (Reuters, "S.Korea GS E&C Says Scraps $1.2 bln Iran Gas Deal," 7/1/2010)

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"Iran's official news agency says Iran and a South Korean company signed a billion dollar agreement on refining natural gas. Tuesday's report by IRNA says the state-owned Pars Gas and Oil Company and South Korean GS Company signed the euro1.24 billion -- about $1.83 billion -- deal on Monday night. The project, to be completed in four years, will refine 3.9 billion square feet of natural gas per day to feed Iran's domestic consumption. Iran is the world's second largest owner of natural gas resources but routinely struggles with gas shortages during winter because it lacks sufficient facilities to capture and distribute the gas to market. Dozens of people died in rural areas because of lack of heating gas when a cold winter snap hit the country in 2007." (Business Week, Iran, South Korea sign euro1.24 billion gas deal," 10/13/09)

Company website lists branch in Tehran, Iran as part of global network. (Company Website)

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"SK Networks has been in Iran since 1984, supplying chemical products as well as steel to Iran Khodro Co. and Saipa Corp., two of the largest automakers in the Middle East, according to the company's Web site.  SK Networks official Park Woo Sung said that the company's Iran business is currently more focused on selling steel to wholesalers than on the auto industry."

From 2000-2009, the company was a recipient of $36.6 million US federal funds.  Their business investments in Iran are currently active.  (The New York Times, "Profiting from Iran, and the US," 3/6/2010)

The Samsung logo appears on the website of the Iranian IT security and surveillance firm, Hoortash Ryan Aflak (“Hoortash” a.k.a. “Hortash”).

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"Tehran threatened to ban entry of Samsung Electronics employees and registration of mobile phones in Samsung label in protest to the Korean company’s decision to restrict Iranian access to its smartphone service.The list of measures against Samsung is ready,” said Mohammad Jafar Na’nakar, head of the legal department at the Ministry of Information and Communications Technology (ICT) in Iran, reported Iran’s state-run Press TV on Tuesday (local time).

The announcement came after the news that Samsung Electronics decided to stop the service of its Galaxy Store app in Iran." (Pulse, "Iran warns of punitive actions on Samsung Elec for its phone service restriction," 2/19/2020).

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On Friday, referring to the two Korean giants Samsung and LG that have left the Iranian market under the pressure of the U.S. sanctions, Iran's Foreign Ministry Spokesman said it would be much more difficult to return later for those who were "strong-armed by the United States to leave". Iran was a key market for the products of the two South Korean companies including TV and audio sets, home appliances, air conditioners and mobile phones....Both companies assembled some of their products in Iran but cut down on providing products and parts to Iran and have now completely stopped. In his tweet on Friday which came with a photo of workers pulling down a Samsung banner, Mousavi said that Iranians will "not forget friends who stand by their side at times of hardship". The two companies which stopped selling to Iran two years ago under the pressure of sanctions had not stopped their advertising in Iran. 

Samsung, like most other leading brands, stopped directly selling smartphones to Iran when the sanctions began. Samsung was officially represented in Iran and used to run after-sales service centers in major cities.

However, illegally imported smartphones of various brands such as Samsung and Apple are still quite abundant in the market." (Radio Farda, "Iran Warns Korean Giants Forced By Sanctions Not To Leave Market," 2/15/2020).

"

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"Among Asian businesses rethinking their dealings with Iran are banks, oil companies and technology giants including Huawei Technologies Co., Lenovo Group, LG Electronics Inc. and Samsung Electronics Co. South Korean consumer-electronics giants Samsung and LG already have reduced exposure to Iran and are consulting with government officials in Seoul to determine whether they must withdraw from the nation entirely following the end of U.S. oil waivers, according to business people in Tehran who work with the companies. Iran had been financing purchases from both companies with funds generated from the sale of oil and crude-based products." (Wall Street Journal, "Asian Companies Pull Back From Iran Amid U.S. Pressure," 4/24/2019).

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"Pyeongchang Olympic organizers said they had apologized to Iran on Friday after a diplomatic furor over its athletes being denied special Samsung phones issued for the Games. The head of the Pyeongchang organizing committee, Lee Hee-beom, confirmed he had written to the Iranian team “to apologize for the misunderstanding." The committee had initially claimed the phones were denied “because of existing UN sanctions,” even though all UN sanctions on Iran were lifted in 2015 apart from those linked to arms and nuclear technology. Samsung billboards and flagship stores are seen all over Iran, and the South Korean company has sponsored many large-scale cultural events, including the current exhibition at the Tehran Museum of Contemporary Art." (February 10, 2018). 

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"South Korea's tech giant Samsung - that has just finished a major oil project in Iran - says it is determined to continue working in the Iranian oil industry. Sun Lee, a top Samsung official in Iran, has told reporters that his company hopes to win new projects in that sector. He also said the company will continue offering maintenance and spare parts supply services for a mega floating oil export terminal for Iran that it finished on 8 February. Sun emphasized that the construction of the terminal - dubbed Persian Gulf - was made possible through overcoming severe financial problems, the Persian-language newspaper Forsat-e Emrooz reported. He said the high quality of the terminal is proportionate to Iran's crude export conditions, adding that this terminal will play an important role in Iran's oil industry. The Persian Gulf terminal - that has been described as the world's largest - has a total capacity of 2.2 million barrels and can store some 200,000 barrels per day of heavy crude oil produced in Iran's offshore oil fields of Soroush and Nowruz. South Korea's Samsung started building the terminal in 2008 and finished it on 8 February 2015 at a cost of about $300 million." (Press TV, "Samsung wants more Iran oil projects," 2/9/15)

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"Iran is in talks with three Japanese and South Korean oil and gas companies to invest in its oil and gas projects, Head of Investment Committee of the National Iranian Gas Company (NIGC) Asghar Soheilipour said. He said that Japan's Mitsubishi and South Korea's LG and Samsung are negotiating with NIGC to design, establish, and install gas refineries and pipelines, Iran's Mehr news agency reported on Jan. 13. Some Japanese and Italian companies have announced readiness to implement projects even before lifting the international sanctions, he noted." (Trend, "Iran in Talks with Japanese, Korean Oil and Gas Companies," 1/13/15)

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"Head of the investment committee of the Iran National Gas Company (INGC) Asghar Soheilipour said that his company was offering information about Iran's top priority gas projects to potential foreign and domestic investors... The official referred to Mitsubishi, LG and Samsung as corporations having announced readiness for making investments in Iran gas projects." (IRNA, "Official: Foreign firms eying investment in Iran gas industry," 1/3/15)

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“Iranian telecommunications minister Mahmoud Vaezi has criticized Samsung for cutting the access to Samsung's mobile app store for Iranian users, ISNA reported on March 16. Mahmoud Vaezi said Samsung should resolve the problem as soon as possible. Representative of Samsung in Iran has pledged to resume the service as of April 6, 2014, Vaezi added. Iranian device users lost access to Samsung's mobile app store as of May 22, 2013. The Korean electronics giant said that it couldn't provide access to the store because of 'legal barriers'. Many sanctions have been imposed on Iran over its nuclear program, and Samsung's step is viewed as the latest such measure. Unlike Apple, Microsoft and Adobe, Samsung provided localized services to Iranians in Persian language. It also isn't the first handset vendor to pull back from Iran. Nokia stopped its services in the country last year. On June 9, 2013, the Tasnim News Agency quoted Tehran Chamber of Commerce member Mohammad-Hossein Barkhordar as saying that Samsung will lift ban on Iranian users to access app store sooner or later. Samsung took the decision in order to show off in the international arena, but it retreated from the decision and found out that it was wrong, Barkhordar said.” (Trend, “Iranian telecom minister criticizes Samsung,” 3/16/14)

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"But its population of about 75 million includes a sizeable urban middle class who have been avid consumers of foreign-made goods, including Samsung and Sony electronics and Peugeot cars." (Reuters, "Iran says it will cut imports of non-essential goods," 10/15/2012)

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"After being hit by European and U.S. sanctions, Iran's oil sales are stabilizing as the country entices buyers with attractive prices and a form of barter. But proposed new U.S. restrictions could further bite into its crude exports later this year . . . A form of barter set up by Iran provides an incentive to keep—or in the case of Seoul, to resume—its crude purchases. Faced with banking sanctions that impede its ability to receive crude proceeds and settle its bills for imported goods, the Islamic Republic increasingly gets paid into accounts based in the Asian countries where it sells the oil and in their local currency. Iranian traders then draw on the reserves to purchase goods exported to Iran. South Korean products are ubiquitous in Tehran—from smartphones made by Samsung Electronics Co. Ltd. to LG Electronics Inc. televisions and even costume dramas on local televisions; Iranian imports from the country amounted to $6 billion last year." (Wall Street Journal, "Iran Barters and Bargains to Help Oil Sales," 8/7/12)

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"South Korea has imposed curbs on exports to Iran - mainly steel, cars and electronics - to reduce its risk of payment defaults as western sanctions disrupt Iranian oil exports, highlighting the growing risk of doing business with the Islamic Republic. The move to limit the trade exposure of Asia's fourth-largest economy, which sold $1.7 billion of goods in Iran in the first quarter of this year, was announced by South Korea's leading trade and business body and came into effect this week…Export quotas could be imposed on products including Samsung Electronics' mobile phones and Hyundai Motor's vehicles, a source has told Reuters."  (Reuters, "South Korea limits Iran exports on payment concerns," 6/14/12)

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"Export quotas could be imposed on products including Samsung Electronics' mobile phones and Hyundai Motor's vehicles, one of the sources said... Samsung Electronics and LG Electronics accounted for a combined 30 percent of Iran's mobile phone market, Korean major newspaper Dong-a Ilbo reported in January." (Reuters, "South Korea may limit exports to Iran on payment concerns: sources," 5/17/2012)

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"Samsung, an electronics giant, markets its products in Iran, according to its website."  From 2000-2009, the company received $476.4 million US federal funds.  Their activities in Iran are currently active.  (The New York Times, "Profiting from Iran, and the US," 3/6/2010)

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"Nestle has been the target of protests by Islamists since the Gaza onslaught began, some Iranian websites said. It is among a small number of foreign companies which have factories in Iran, which notably also includes French automaker Renault. Others, such as South Korean group Samsung, market their products in the Islamic republic. Some, particularly in the oil and gas sector, have operated in the country for some time, such as Frances Total and Anglo-Dutch Shell." (Agence France Presse, "Iran to punish firms trading with Israel," 1/12/09)

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"GIANTS WITH A FOOT IN TEHRAN: Total, Shell, Statoil, BNP Paribas, Commerzbank, MTN, UPS, Linde, Technip, Nokia, Ericsson, Peugeot, Renault, OMV, Societe Generale, ENI, Mitsubishi, Sumitomo, Siemens, LG, Samsung, Bosch, Valeo, Nestle, Unilever, BAT, Japan Tobacco." (The London Times, "American pressure threatens UK firms," 5/27/06)

Daewoo International is a subsidiary of South Korean Steel Company POSCO

Company website lists branch in Tehran, Iran as part of its "Global Network." (Company website)

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"Daewoo International maintains an office in Iran, according to its website. It is an international trading company involved in everything from chemicals to construction. Daewoo Corporation won construction contracts from the  U.S. Army Corps of Engineers while Daewoo International fell under its corporate umbrella. Daewoo International was subsequently spun off and today is a separate company."  The company received $10.4 million from the US government for their investments in Iran during 2000-2009.  Their business in Iran is currently active. (The New York Times, "Profiting from Iran, and the US," 3/6/2010)

Following the removal from the January 29, 2019 Florida list, South Dakota Investment Council also removed Daelim from its Iran Scrutinized Companies list effective April 18, 2019. 

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In 2019 Daelim was removed from the Texas Comptroller List of Companies Engaging in Scrutinized Business Operations in Iran. 

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Effective September 10, 2019, Daelim was removed from the Pennsylvania Treasury's Iran Scrutinized Activities list because the company documented cessation of all substantial business activities in Iran. 

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According to the Maryland State Retirement and Pension System March 31, 2019 report, "The Retirement System received a response form one company, Daelim Industrial, which resulted in the company being removed from the list of restricted companies." (Maryland State Retirement System, "March 31, 2019"). 

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According to the January 2019 Florida State Board of Administration Investment Report, "Daelim is no longer seen as a scrutinized company due to the company’s cancellation of projects
in Iran and commitment to no longer engage in scrutinized operations in Iran. On November 13, 2018, Daelim provided correspondence to the SBA detailing the termination of its Iran operations. External research providers also confirm such action. The company publicly stated its intentions to withdraw from Iran on May 31, 2018." (Florida State Board of Investments, "Florida Statutes - Jan 29, 2019"). 

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Daelim is listed as a partner of the Iranian firm, Chagalesh Consulting Engineers (“Chagalesh”).  (Chagalesh Website, “About”).  

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Daelim Industrial Co was removed from the March 2019 Alaska Retirement Management Board, Companies Doing Material Business with Iran list.

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Daelim  is listed on the January 2019 Entities prohibited from Contracting with Public Entities in California list.

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In January 2019 Colorado's PERA included Daelim on its Iran list.

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Daelim is listed as a company under review following correspondence dated 10/31/18 from the company, on the CalPERS November 2018 Iran Divested/Restricted companies list.

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In 2018 Daelim was listed on the Texas Comptroller List of Companies Engaging in Scrutinized Business Operations in Iran.  

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In June 2009, Daelim Industrial Co. Ltd. won a contract to build pipelines for a liquefied natural gas storage facility in Iran. Until 2018, CalSTRS research providers had shown Daelim Industrial Co. Ltd. continued to be involved in several natural gas-related projects in Iran. In 2009, Daelim Industrial Co. Ltd. was designated as “Restricted From Additional Purchase.” In 2010, CalSTRS divested holdings of the company and designated the company as “Divested and Restricted.” CalSTRS maintained the “Divested and Restricted” designation through most of 2018. However, CalSTRS removed the “Divested and Restricted” designation after the company confirmed it curtailed operations and ties to Iran and after reviewing the company’s internal controls.

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"South Korea’s Daelim Industrial said on Friday that a contract worth 2.23 trillion won ($2.08 billion) for a refinery project in Iran was canceled.

The order was canceled as the Esfahan Refinery Upgrading Project failed to procure financing because of economic sanctions imposed on Iran, Daelim said in a regulatory filing." (June 1, 2018).

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"South Korea's construction giant Daelim Industrial Company said work is in full swing at the Isfahan Oil Refinery project site in Iran, and on track for completion by the end of 2020. The plant currently meet about 22 per cent of Iran's demand for oil products with a capacity to process 375,000 barrels per day of oil, according to Shana. The South Koreans have undertaken to provide E1.9 billion ($2.27 billion) for improving and optimizing facilities at Isfahan Oil Refinery, stated the report citing Alireza Arman Moqadam of National Iranian Oil Refining and Distribution Company. The project, which kicked off last December, is likely to be completed by the end of 2020." (December 31, 2017).

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In 2017, the U.S. states of Alaska, California, Colorado, Connecticut, D.C., Florida,  Iowa, Illinois, Maryland, Minnesota, Mississippi, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina , Tennessee, Texas and  South Dakota listed Daelim on its Iran scrutinized companies list rendering Daelim ineligible for investment and/or state contracting.

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"Daelim Industrial Co., a major construction firm in South Korea, said on December 29 that it has received a letter of award (LOA) from Iran’s Esfahan Oil Refining Co. (EORC) to improve oil refinery facilities. The deal, which is worth 2.3 trillion won (US$2.0 billion), is the largest contract secured by a domestic construction company in Iran. The project is to add facilities that will be used to produce high value-added products to the oil refinery in Isfahan, located 400 kilometers south of Tehran, the capital of Iran. Under the deal to be officially signed in January 2017, Daelim Industrial will be in charge of design, equipment and material procurement, construction and financing. Construction will take 48 months after groundbreaking." (BusinessKorea, "Daelim Wins $2B Construction Deal in Iran," 12/29/2016).

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The National Iranian Oil Company and South Korea's Daelim Industrial Co. have signed a memorandum of understanding, worth $4 billion, on upgrading the Isfahan Oil Refinery. The document calls for reducing the refinery's input of feedstock by 16,000 barrels per day, lowering mazut output by 10 million liters a day with the help of advanced technology as well as boosting daily gasoline production by 8.5 million liters, Mehr News Agency reported. (July 21, 2016).

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In 2016 Daelim was re-listed on the Texas Pension Review Board List of Scrutinized Companies doing business in Iran pursuant to Chapter 807.054, Government Code. 

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In 2015 Daelim was removed from the Texas Pension Review Board List of Scrutinized Companies doing business in Iran pursuant to Chapter 807.054, Government Code after the company responded to their placement on the Scrutinized Companies List by stating that Daelim, "has substantially ended all work on its existing projects in Iran and it is in the process of winding down all activities in Iran." 

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Company website lists operations in Iran as part of global network. (Company Website)

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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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In 2013 and 2014 Daelim was listed on the Texas Pension Review Board List of Scrutinized Companies doing business in Iran pursuant to Chapter 807.054, Government Code. 

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"Daelim Industrial Co had a nearly $1.5 million U.S. government contract to build family housing at a military base in South Korea at some point between mid-2011 and late 2012, the General Accountability Office said in a report on Monday. The GAO is the investigative arm of Congress... Such companies should also be denied contracts with the U.S. government, it says. The GAO did not say how much Daelim's investments in Iranian energy were worth... Daelim was one of at least seven companies from China, India, South Korea  and South Africa that continued to have investments in Iran in 2012, the GAO said in December, in a report required by a U.S. sanctions law. A Daelim spokesman in Seoul said the company was simply completing a construction project in Iran that predated the U.S. sanctions. He added that the building contract did not constitute an investment in Iran's energy sector, as stipulated in the U.S. sanctions law, and that Daelim had not signed any new contracts in the Islamic Republic since 2010. Daelim, which the GAO said had helped to develop Iran's South Pars gas fields and a liquefied natural gas project in Tombak, was the only one of the companies found also to hold a contract with the U.S. government, the GAO said on Monday." (Reuters, "South Korea firm had U.S. contract while investing in Iran gas: GAO," 2/26/2013)

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In 2011, Daelim 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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"Daelim, a South Korean engineering and construction giant, has been active in Iran since 1975, building refineries, as well as natural gas and power plants. In 2007, it signed a refinery deal worth $700 million to the company. And in 2009, Daelim struck a deal worth $600 million to the company to help Iran develop a phase of the South Pars gas fields, a spokesperson confirmed. While doing business in Iran, it has won contracts from the United States, including a $111 million contract awarded last year to build family housing towers for the Army. The Iran Sanctions Act prohibits investments above $20 million in a given year in Iran's energy sector. Investments are defined as deals in which a company purchases shares or enters into a contract that provides for royalty payments. But investments also are defined as deals in which a company enters into a contract that includes responsibility for the development of petroleum resources, which is what landed Daelim on a list of potential Iran Sanctions Act violators put together by the Congressional Research Service. In a statement, the company said that it had disputed the listing and did believe its construction work in Iran met the law's criteria. 'Based on our review, we never did anything that violated the law and we never did any investment in Iran,' the company said."  The company has received $174 million from the US government for their business in Iran during 2000-2009.  Their investments are currently active in Iran, and the company has been listed by the New York Times as a possible violator of the Iran Sanctions Act. (The New York Times, "Profiting from Iran, and the US," 3/6/2010)