Hyundai Engineering and Construction

On May 15, 2020, the IPERS identified Hyundai E&C on its Iran Prohibited Companies List. (https://www.ipers.org/sites/default/files/IPERS%27 Iran Prohibited Companies 2Q20.pdf)

In 2017 the U.S. state of Pennsylvania, Rhode Island and South Carolina listed Hyundai Engineering & Construction Co., on its Iran scrutinized list for an oil related involvement of at least US $20 million since 1996, rendering Hyundai Engineering & Construction ineligible for investment and/or state contracting. (ttps://www.patreasury.gov/pdf/divestment/2017-Annual-Divestment-Report.pdf) (http://data.treasury.ri.gov/dataset/scrutinzed-companies-list-iran/resource/6936d293-53b5-4223-8f6d-36777bf91c6d) (https://procurement.sc.gov/files/Iran_divestment_122017.pdf)

In 2018 the U.S. state of Iowa listed Hyundai Engineering & Construction on its Iran prohibited companies list rendering Hyundai Engineering & Construction ineligible for investment and/or state contracting. (https://www.ipers.org/sites/default/files/media/2017%2009%20Iran%20Prohibited%20Companies%20List%2009-30-17.pdf)

“Hyundai Engineering & Construction (Hyundai E&C), the nation’s largest construction firm, has successfully diversified its business portfolio to maintain steady growth in the ever-uncertain global market. Hyundai traditionally focused on civil engineering, but has added power plants and electricity supply networks in recent years. Its diversified business areas ensure that they will complement each other, said the company…Hyundai’s big break in plant making came in 2005, when it completed a gas processor near the South Pars Gas Field in Iran. Worth $1.6 billion, and utilizing 18,300 workers daily, the construction giant finished the project in 35 months, a record for a project that size, according to the company. ‘We became the contractor that many sought for gas processors after the success of the project,’ said the Hyundai spokesman.” (Korea Times, “Hyundai E&C diversifies portfolio,” 4/25/13) (http://www.koreatimes.co.kr/www/news/biz/2014/03/127_134567.html)

As of August 15, 2019, the state of Iowa listed Hyundai Engineering & Construction on its Iran scrutinized companies list. (https://www.ipers.org/sites/default/files/media/2017%2009%20Iran%20Prohibited%20Companies%20List%2009-30-17.pdf)

"South Korea’s Hyundai Engineering & Construction said on Monday that it scrapped a 595 billion won ($521 million) deal to build a petrochemicals complex in Iran, saying the Iranian customer’s ability to fund it had been hit by the prospect of U.S. economic sanctions against Tehran." (Reuters, 10/29/2018) (https://www.reuters.com/article/us-hyundaie-c-iran/south-koreas-hyundai-ec-cancels-521-million-petrochemicals-deal-cites-iran-financing-failure-idUSKCN1N30U9)

In 2016, Hyundai Engineering & Construction was added to the Pennsylvania Treasury's List of Scrutinized Companies Determined as Having Involvement in Iran because of oil-related investment of US $20 million since 1996 and new involvement was identified. (https://www.patreasury.gov/pdf/divestment/2017-Annual-Divestment-Report.pdf)

Hyundai E&C is listed on the 4Q 2020 Minnesota State Board of Investment List of Unauthorized (Scrutinized) Iran Companies. (https://www.lrl.mn.gov/docs/2021/mandated/210295.pdf)

Hyundai Engineering and Construction is listed on the March 1, 2022 Report to the New Jersey Legislature Iran Divestment as a prohibited company. (https://www.nj.gov/treasury/doinvest/pdf/index/Iran_Progress_Report.pdf)

As of July 2020, Hyundai E&C remains on the Pennsylvania Treasury's List of Scrutinized Companies Determined as Having Involvement In Iran because of oil-related investment of US $20 million since 1996.  (https://www.patreasury.gov/pdf/divestment/2020-Annual-Divestment-Report.pdf)

“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) (http://www.unitedagainstnucleariran.com/company/daelim) (http://english.donga.com/srv/service.php3?biid=2014020311818)

“Construction shares are showing strength on the news of the Iranian government reaching an agreement with six world powers to curb its nuclear activities in return for about $7 billion in sanctions relief, after days of intense talks in Geneva. At 9:18 am on November 25, the shares of Daelim Industrial were traded at 98,000 won, up 4.59 percent from the previous day's 93,700 won. Other construction shares such as Byucksan Engineering & Construction (14.92%), Namkwang Engineering & Construction (12.27%), Daewoo Engineering & Construction (3.23%), Sungjee Co. (3.13%), and Hyundai Engineering & Construction (1.47%) also increased by a large clip. The KOSPI construction industry index rose 2.99 percent, the highest among all other industrial sectors.” (The Korean Economic Daily, “Construction Shares Rise on the Back of Iran Nuclear Deal,” 11/26/13) (http://www.unitedagainstnucleariran.com/company/daewoo-international) (http://english.hankyung.com/news/apps/news.view?c1=02&nkey=201311260205321)

As of October 2019, Hyundai Engineering & Construction remains on the Pennsylvania Treasury's List of Scrutinized Companies Determined as Having Involvement In Iran because of oil-related investment of US $20 million since 1996.  (https://www.patreasury.gov/pdf/divestment/2019-Annual-Divestment-Report.pdf)

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On January 20, 2020, Minnesota SBI listed Hyundai E&C as a scrutinized investment. The managers are explicitly instructed to refrain from purchasing securities on this list. (https://www.leg.state.mn.us/docs/2020/mandated/200121.pdf)

As of December 2020, Rhode Island continues to list Hyundai E&C as an Iran scrutinized company for active involvement of at least $50 million in Iran's energy sector. (http://data.treasury.ri.gov/dataset/c56b9795-4c0b-4749-80a8-78418efc1492/resource/9d4e0eae-3bb0-4ed2-977a-db21ad57ea96/download/RhodeIslandIranContract2020.xlsx)

On February 16, 2021, Iowa Public Employees' Retirement System removed Hyundai E&C from its Iran Prohibited Companies List.  (https://www.ipers.org/sites/default/files/IPERS%27%20Iran%20Prohibited%20Companies%201Q21.pdf)