Energy

"According to a report by IFP, the International Renewable Energies Conference will be held on December 6-8 with the support of Iranian Vice-Presidency for Science and Technology. More than 70 European and Asian reputable firms in the fields of wind, solar, geothermal and biomass energies will partake in this conference. These companies are from such countries as Germany, Denmark, England, France, Italy, Spain, Austria, China, and Norway. Given the presence of such leading firms as Vestas, nVision, Huawei, Goldwind, Lahmayer, Turboden and FaroWind, as well as reputable global investment companies, this conference will use the opportunity to show Iran’s domestic capacities to foreign firms and investors." (Iran Front Page,  "70 European and Asian Firms to Attend Iran's Renewable Energies Conference," 12/6/2016). 

"According to a report by IFP, the International Renewable Energies Conference will be held on December 6-8 with the support of Iranian Vice-Presidency for Science and Technology. More than 70 European and Asian reputable firms in the fields of wind, solar, geothermal and biomass energies will partake in this conference. These companies are from such countries as Germany, Denmark, England, France, Italy, Spain, Austria, China, and Norway. Given the presence of such leading firms as Vestas, nVision, Huawei, Goldwind, Lahmayer, Turboden and FaroWind, as well as reputable global investment companies, this conference will use the opportunity to show Iran’s domestic capacities to foreign firms and investors." (Iran Front Page, "70 European and Asian Firms to Attend Iran's Renewable Energies Conference," 12/6/2016).

"MAN Diesel & Turbo announced it will deliver two of its Refinery Train Package (ReTPac) concept turbomachinery trains to a refinery about 450 km south of the Iranian capital of Tehran. The multimillion dollar order was made by Iranian EPC Nargan Co., with the machinery later to be operated by Esfahan Oil Refining Co. (EORC). The ReTPac trains will serve the hydrotreating process to ensure an efficient production of ultra-low sulfur fuels, the company said. In proximity to that order, MAN PrimeServ, the company’s service provider, received several spare part orders from the Iranian Oil Pipelines and Telecommunication Co., where MAN provides service and upgrading of turbomachinery equipment along the Marun-Isfahan oil pipeline. This includes delivery of spare parts for S-Series gas turbines, a heritage brand of MAN Diesel & Turbo. “These initial orders reward our efforts to reestablish relationships with Iranian partners now that the international sanctions have been lifted,” said Dr. Uwe Lauber, chief executive officer of MAN Diesel & Turbo... In the course of reentering the Iranian market the company has also reopened its local branch, MAN Iran Power, based in Tehran." (Diesel & Gas Turbine, "MAN Active In Iran," 11/30/2016).

As of February 14, 2020, the state of Iowa removed DNO ASA from its Iran Prohibited Companies List.

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

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In 2018 the U.S. state of Iowa listed DNO ASA on its Iran scrutinized companies list rendering DNO ASA ineligible for investment and/or state contracting.

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National Iranian Oil Company has received a proposal from Norway’s DNO oil and gas operator for the development of Changouleh Oil Field, a major one in western parts of the country. Gholam-Reza Manouchehri, the deputy for development and engineering affairs of NIOC confirmed that DNO’s proposed plan for the development of Changuleh oil field in Lorestan Province had been received. Manouchehri expressed hope that this would lead to an NIOC move to award the project to the Norwegian company. Jeroen Regtien, DNO’s operations director also said that the company had tried to present what he described as an attractive proposal over the development of Changuleh, based on DNO’s existing capabilities. (August 14, 2017).

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DNO ASA, the Norwegian oil and gas operator, today announced the signing of a memorandum of understanding (MoU) with the National Iranian Oil Company (NIOC) to conduct a study concerning the development of the Changuleh oil field in western Iran. Changuleh, discovered in 1999 but never developed, is estimated to hold more than 2 billion barrels of oil-in-place. "Iran presents an obvious and exciting next step in expanding DNO's footprint in the region," said DNO's Managing Director Bjørn Dale. "Our low-cost, fast-track development strategy and our fractured carbonate reservoir experience in the Kurdistan region of Iraq can be easily applied and leveraged in Iran," he added. The Company has established a wholly owned subsidiary DNO Iran AS amid preparations to increase its presence in Iran. (DNO Website,  "DNO Signs MoU to Develop Iran's Changuleh Oil Field," 11/16/2016).

Herbert Smith Freehills states on its website: "Herbert Smith Freehills has a leading practice in Iran, with our transactional experts being especially recognised in the Iranian oil and gas and power sectors. Our dedicated Iran Group brings together specialist lawyers from across our global network, to advise our clients with interests in Iran." (Herbert Smith Freehills)

"The company reported as potentially signing an MOU to work on the Lavan Island and Soumar oilfields. In 2018 CalPERS designated the company as under review. In 2019 CalPERS changed the designation to “being monitored” because CalPERS’ initial screening has not identified the company as having involvement in the regions and/or activities targeted by the Act. CalPERS has maintained the company in “monitor” status for 2020. CalPERS continues to monitor the company for possible changes in status relevant to the Act."

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"PGNiG has an MOU with NIOC to work on the Lavan Island and Soumar oilfields. CalSTRS has initiated the review process multiple times since 2012 but liquidated the security before completing the engagement. In 2015, CalSTRS designated PGNiG as “Being Monitored.” In 2020, CalSTRS removed PGNiG after further review of the company’s internal controls to prevent sanction violations and because it no longer held any of the company’s securities."

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In 2018 CalPERS designated PGNIG as under review. In 2019 CalPERS changed the designation to “being monitored” because CalPERS’ initial screening has not identified the company as having involvement in the activities targeted by the Act. CalPERS will continue to assess and/or monitor the company for possible changes in status relevant to the Act.
 

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CalSTRS has initiated the review process multiple times since 2012 but liquidated the security before completing the engagement. In 2015, CalSTRS designated PGNiG as “Being Monitored” and maintained that designation in 2019. 

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As of August 15, 2019, the state of Iowa removed listed PGNiG from its Iran scrutinized companies list.

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PGNiG is listed in the March 1, 2019, Report to the New Jersey Legislature Iran Divestment Act. 

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According to its website, "In connection with media speculation, PGNiG informs that it ceased its activities in the Soumar field in the Islamic Republic of Iran at the end of October 2018, due to the risks arising from reintroducing by the USA sanctions for activity in the Iranian energy sector which took place on November 4, 2018.

The company informed about such an intention in May 2018 – just like many other energy companies at that time. It is necessary to deny any media speculation suggesting that the ending of the Soumar field activity has occurred as a result of the demands of the Iranian side."

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PGNiG has an MOU with NIOC to work on the Lavan Island and Soumar oilfields. CalSTRS has initiated the review process multiple times since 2012 but liquidated the security before completing the engagement. In 2015, CalSTRS designated PGNiG as “Being Monitored” and maintained that designation in 2018.

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"Poland’s dominant gas firm PGNiG has suspended a gas project in Iran because of the risk from U.S. sanctions, the company’s deputy chief executive said. “There is not much we can do about the contract in Iran. Any moment the sanctions will be put in place and nobody wants to take a risk,” Maciej Wozniak of the state-run PGNiG told Reuters. “We can take risks when we are drilling and looking for hydrocarbons, but we will not take risks playing politics,” he said, adding the project consisted of providing technical expertise in gas extraction in Iran." (5/18/2018)

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In line with plans to develop Iran’s oil and gas fields, high-ranking officials of Poland’s state-run gas company PGNiG are expected to meet the National Iranian South Oil Company in February to finalize their ongoing negotiations to increase the recovery rate in the oilfields of Khuzestan Province, NISOC managing director said on Wednesday. “PGNiG is willing to invest in Iran’s oil and gas upstream sector and talks are underway to assign the development of an unnamed field to the company,” Bijan Alipour was also quoted as saying by Mehr News Agency. (January 12, 2017).

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In 2018 the U.S. state of Iowa listed PGNiG as an Iran restricted company rendering PGNiG ineligible for investment and/or state contracting.

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In 2017 the U.S. state of Rhode Island and South Carolina listed PGNiG as an Iran restricted company rendering PGNiG ineligible for investment and/or state contracting.

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In 2016 and 2017 Tennessee used the South Carolina list of "Entities Ineligible to Contract with the State of South Carolina or any Political Subdivision of the State per the Iran Divestment Act of 2014, S.C. Code Ann." as its list of persons it determines engage in investment activities in Iran. PGNIG was included on this list in 2016 and 2017. "Inclusion on this list would make a person ineligible to contract with the state of Tennessee, if a person ceases its engagement in investment activities in Iran, it may be removed from the list."

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"Poland's dominant gas firm PGNiG and the National Iranian Oil Company (NIOC) have signed a letter of intent regarding co-operation on exploring the Soumar oil deposit in Iran, PGNiG said in a statement on Monday." (Reuters, "Poland's PGNiG and Iran set to jointly explore Soumar oil deposit," 11/7/2016).

"Iran continues its quest for new crude buyers, especially in Europe, but its loyal customer base will continue to hinge on countries like India and China, whose demand for Iranian crude has observed a steady rise this year. Iran has found interest for its crude in some unusual places in the past few months as it continues it diversify its list of buyers. Earlier this month it agreed to sell 1 million barrels of crude oil to Hungary via Croatia as it seeks to widen its post-sanctions customer base, which now includes cargoes sold to oil major BP, France's Total, Greece's Hellenic Petroleum, Spain's Repsol and Cepsa, Russia's Lukoil, Poland's Grupa Lotos, Portugal's Petrogal and Italy's Saras and Iplom. Iran said it has held talks with Bosnia and Herzegovina this week as it hopes to expand its list of crude oil export destinations. However, its shipments to Asia remain the pillar of its export market." (Platts, "Analysis: Iran eyes new crude oil buyers, Asia remains linchpin," 11/1/2016).

On its website, a Sojitz operating base in Tehran is listed under the company Sojitz Corporation Iran Ltd., at 5th Floor, No.82, Shahid Soltani St., Valiasr Ave. Tehran 19677-13961.

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The Department of Treasury OFAC settled with Sojitz on January 11, 2022 for $5,228,298 Related to Apparent Violations of the Iranian Transactions and Sanctions Regulations. 

"From August 2016 through May 2018, certain Sojitz HK employees acting contrary to companywide policies and procedures (“noncompliant employees”) caused Sojitz HK [Hong Kong] to purchase approximately 64,000 tons of Iranian-origin HDPE from a supplier in Thailand for resale to buyers in China (the “HDPE Trading”). Under the terms of the HDPE Trading arrangement, Sojitz HK paid the purchase price by wire transfer to the Thai supplier upon the supplier’s shipment of the HDPE to the Chinese buyers. Throughout the course of the HDPE Trading relationship, Sojitz HK made 60 separate U.S. dollar payments from its Hong Kong bank to the Thai supplier’s banks in Thailand, transferring a total of $75,603,411. Each of these U.S. dollar payments were processed and settled through multiple U.S. financial institutions, including the U.S. correspondent banks of the Hong Kong and Thai banks."

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"The company was reported as potentially seeking steel and petrochemical plan renovation opportunities in Iran. In 2018 CalPERS designated the company as under review. In 2019 CalPERS changed the designation to “being monitored” because CalPERS’ initial screening has not identified the company as having involvement in the regions and/or activities targeted by the Act. CalPERS has maintained the company in “monitor” status for 2020. CalPERS continues to monitor the company for possible changes in status relevant to the Act."

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In 2017, CalSTRS designated Sojitz as “Under Review” for potentially having ties to Iran. In 2018, CalSTRS removed Sojitz after reviewing the company’s business with Iran and internal controls to prevent sanction violations

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"Japan’s Sojitz Corporation – the country’s sixth largest trading enterprise – has signed a basic agreement to study the production of steel sheets in Iran’s southeastern port of Chabahar.  The Japanese company signed the agreement with Iran’s Industrial Development and Renovation Organization (IDRO) – the operations arm of the country’s Ministry of Industry, Trade, and Mine." (February 13, 2017)

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"National Petrochemical Company (NPC) has signed a memorandum of understating with Japan's Sojitz for feasibility studies on construction of a methanol to propylene conversion plant in Iran. Held at the locality of the NPC in Tehran, the signing ceremony of the MoU was attended by Managing Director of the NPC Marziyeh Shahdaei and Masaru Sato, Sojitz's senior representative on Saturday. Speaking during the ceremony, Marziyeh Shahdaei, who is also deputy petroleum minister in petrochemical affairs, said the project is of crucial importance for Iran given the vast gas reserves it is sitting atop. Sojitz has been active in Iran over 50 years and is the first foreign company active in Iran's petrochemical sector, said Sato during the meeting." (IRNA, "NPC, Sojitz of Japan sign MoU for petchem cooperation," 10/10/2016).

In 2017 the U.S. state of South Carolina, Tennessee listed Turkiye Petrol on its Iran scrutinized list rendering Turkiye Petrol ineligible for investment and/or state contracting.

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"Turkish energy company Turcas Petrol is looking at entering the Iranian energy market through investments in oil, gas or renewables following the lifting of most sanctions against the Islamic Republic, its chief executive said on Tuesday. 'We believe we definitely must be in Iran,' Batu Aksoy told reporters. 'At a time when growth in the world is stalling, a market like Iran could be a driving force both globally and for Turkey,' he said. Turcas is interested in teaming up with a local company but is also open to cooperating with Turkish firms, Aksoy said... 'We have been shuttling back and forth between Iran and Turkey for the past five years. We have established networks before the lifting of sanctions. Now the embargo is lifted, they are more sympathetic to doing business with us,' he said. Supplying natural gas from Iran, as well as projects for oil and its derivatives, as well as renewable investments, were all on the agenda, he said." (Reuters, “Turkey’s  Turcas says eyes energy investments in Iran,” 5/3/2016)

As of December 2020, Rhode Island continues to list Korea Gas as an Iran scrutinized company for active involvement of at least $20-50 million in Iran's energy sector. The company's subsidiary, Korea Gas Technology Company, along with other South Korean companies has signed an agreement with the National Iranian Gas Company to build a small scale liquefied natural gas plant in Iran. (Business Standard, 06/19/2017)

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

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

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In 2018 the U.S. state of Iowa listed Korea Gas Corporation on its Iran prohibited companies list rendering Korea Gas ineligible for investment and/or state contracting.

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On January 3, 2017, the National Iranian Oil Company (“NIOC”) listed KOGAS as one of the “designated 29 non-Iranian companies [] qualified to participate in its pending tender round for upstream projects.” (Oil & Gas Journal Website, “NIOC qualifies 29 firms for tender round,” 1/3/2017).

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In 2017 the U.S. state of South Carolina and Tennessee listed Korea Gas as an Iran restricted company rendering Korea Gas ineligible for investment and/or state contracting.

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"State-run Korea Gas Corp (KOGAS) , the world’s second-largest single buyer of liquefied natural gas (LNG), is interested in Iranian and U.S. natural gas as LNG imports from the two countries are seen possible without destination restrictions, its chief executive said on Friday." (February 2017)

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In the day, National Iran Gas Exports Company and the Korean Gas Corporation signed a memorandum of understanding (MoU), under which Iran would export liquefied natural gas to South Korea, and the two countries would cooperate on exchanging related experiences in the gas industry. (May 4, 2016).

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"Iran on Monday awarded a deal to South Korean's energy giant KOGAS over the development of one of its key gas fields in the Persian Gulf. Rokneddin Javadi, the managing director of the National Iranian Oil Company (NIOC), has been quoted by the media as saying that KOGAS will as per the deal conduct technical studies of Balal gas field. Javadi added that the South Korean energy company will then present its proposals over the development of Balal project to the NIOC. The proposals, he said, will also include the possibility of using the gas from the field to produce liquid natural gas (LNG). The Korean company had earlier signed a basic agreement with the NIOC over the production of LNG, its marketing as well as the transfer of its experiences to Iran in the same area. A separate agreement had also been signed over providing engineering services for the construction of two key gas pipelines for Iran - Iran Gas Trunk-Line 7 (IGAT 7) and Iran Gas Trunk-Line 9 (IGAT 9)." (Press TV, “KOGAS wins deal over Balal gas field,” 5/2/2016)

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