Bilfinger

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"Financing is the main hurdle facing companies looking at doing business in Iran, Bilfinger Chief Executive Thomas Blades said in German newspaper Handelsblatt and he also said it would take time for the country to regain investors' trust. "The biggest challenge that I currently see in Iran is the financing of projects," Blades said in an interview published on Thursday. Many Western banks have been reluctant to provide financing for big projects in Iran, fearing a regulatory backlash if there is a new setback in relations with the country. Blades said Bilfinger's response to Iran's "bring your own money" attitude was to focus on trying to win projects that run for only a few months rather than several years. The engineering services group won a contract worth several million euros in July to supply a process control system for the upgrade of one of Iran's largest refineries." (Reuters, "Bilfinger CEO says will take time for Iran to regain investors' trust," 12/8/2016). (http://www.reuters.com/article/us-bilfinger-iran-idUSKBN13X0KX)

As of August 15, 2019, Iowa's Municipal Fire & Police Retirement System lists Bilfinger SE on its Iran Scrutinized Companies List. (http://www.mfprsi.org/site_media/uploads/divestments/iran_list.pdf) (https://www.ipers.org/sites/default/files/IPERS%27%20Iran%20Prohibited%20Companies%203Q19.pdf)

In a letter to CalPERs dated December 5, 2017, the company confirmed it is not engaged in the business activities targeted by California Public Divest from Iran Act. (https://www.calpers.ca.gov/docs/board-agendas/201809/invest/item06a-00_a.pdf)

On November 13, 2020, Bilfinger SE was removed from the Iowa Public Employees' Retirement System Iran Prohibited Companies List.  (https://www.ipers.org/sites/default/files/IPERS%27%20Iran%20Prohibited%20Companies%204Q20%20%281%29.pdf)

In 2017, the U.S. state of California listed Bilfinger SE on its state list of Companies under review for Doing Business with the Iranian Petroleum/Natural Gas, Nuclear and Military Sectors. (https://www.calpers.ca.gov/docs/forms-publications/iran-sudan-divestment-2017.pdf)

"German engineering group Bilfinger said it did not plan to sign any new business in the country." (8/14/18). (https://www.reuters.com/article/us-iran-sanctions-quercus-exclusive/exclusive-uks-quercus-pulls-plug-on-570-million-iran-solar-plant-as-sanctions-bite-idUSKBN1KZ0ZR)

In July 2016 Bilfinger secured its first order in Iran. Bilfinger is delivering the entire process control system for the upgrade of one of Iran’s largest refineries. (http://www.bilfinger.com/en/media/news/bilfinger-establishes-foothold-in-iran/)

"Financing is the main hurdle facing companies looking at doing business in Iran, Bilfinger Chief Executive Thomas Blades said in German newspaper Handelsblatt and he also said it would take time for the country to regain investors' trust. "The biggest challenge that I currently see in Iran is the financing of projects," Blades said in an interview published on Thursday. Many Western banks have been reluctant to provide financing for big projects in Iran, fearing a regulatory backlash if there is a new setback in relations with the country. Blades said Bilfinger's response to Iran's "bring your own money" attitude was to focus on trying to win projects that run for only a few months rather than several years. The engineering services group won a contract worth several million euros in July to supply a process control system for the upgrade of one of Iran's largest refineries." (Reuters, -- "Now that most of the economic sanctions against Iran have been lifted, the country has become an interesting partner for German industry. Bilfinger has now secured its first order there: one of Iran’s largest refineries is being upgraded and Bilfinger is delivering the entire process control system for the project. The system will be designed, built and programmed in Germany. Following testing and customer acceptance, it will be shipped to Iran. The order has a volume of several million euros, though the parties agreed not to disclose the exact amount. The contract was signed during a visit of the Iranian delegation to Bilfinger headquarters in Mannheim.'Our engineering services made in Germany are an international seal of quality. I am delighted that we will be able to contribute our quality and reliability to the ambitious project in Iran,' says Tom Blades, CEO at Bilfinger SE. 'Iran has a great deal of pent up demand when it comes to the modernization of its industrial facilities and Bilfinger can make a contribution here in cooperation with Iranian companies.'" (Bilfinger Press Release, "Bilfinger establishes foothold in Iran," 7/29/2016).