Hyundai Heavy Industries

"Managing Director of the Islamic Republic of Iran Shipping Lines Mohammad Saeedi said on Saturday the first of 10 new ships ordered by his company from Hyundai Heavy Industries will be delivered in March 2018." (December 2017) (https://financialtribune.com/articles/economy-business-and-markets/78523/hyundai-shipyard-s-1st-delivery-to-iran-in-march)

As of October 2019, Hyundai Heavy Industries 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)

In 2017 the U.S. state of Pennsylvania, Mississippi, South Carolina and Tennessee listed Hyundai heavy., 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.  (https://www.patreasury.gov/pdf/divestment/2017-Annual-Divestment-Report.pdf) (http://www.dfa.ms.gov/media/4100/companies-posted.pdf) (https://procurement.sc.gov/files/Iran_divestment_122017.pdf) (https://www.tn.gov/content/dam/tn/generalservices/documents/cpo/cpo-library/public-information-library/List_of_persons_pursuant_to_Tenn._Code_Ann._12-12-106_Iran_Divestment_Act_updated_7.7.17.pdf)

In 2016, Hyundai Heavy Industries 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)

As of October 29, 2021, Korea Shipbuilding & Offshore Engineering Co, the parent company of Hyundai Heavy Industries, is listed on Pennsylvania Treasury's List of Scrutinized Companies Determined as Having Involvement In Iran because of oil-related investment of US $20 million since 1996. Hyundai Heavy Industries is not listed. (https://www.patreasury.gov/pdf/divestment/2021-Annual-Divestment-Report.pdf)

Iranian oil, gas, petrochemical and energy firm, Nirou Taban Spadana Company (“Nirou Taban) claims to sell products of Hyundai Heavy.  (http://www.niroutaban.ir/en-us/products.php)

In 2007, HHI received a $54 million contract to upgrade a refinery owned by the National Iranian Oil Engineering and Construction Co, a state-owned entity. And as recently as 2009, HHI received a contract to provide six high-pressure pump units to outfit an Iranian power plant. (http://english.hhi.co.kr/press/news_view.asp?idx=414&page=1&search=title&keyword=Iran) (http://english.hhi.co.kr/press/news_view.asp?idx=414&page=1&search=title&keyword=Iran) (http://english.hhi.co.kr/press/news_view.asp?idx=502&page=1&search=title&keyword=Iran)

Hyundai Heavy Industries Co. received a $700 million order to build 10 ships for Iran’s state-owned shipping company in a deal that signifies the Middle Eastern country’s return to the international market after a decade. The deal is part of plans by Islamic Republic of Iran Shipping Lines and Iranian Offshore Oil Co., a subsidiary of state oil company National Iranian Oil Co., to spend a total of up to $2.5 billion to modernize their fleets. Iranian shipping companies haven’t modernized their fleets since 2006, when the United Nations imposed wide-ranging sanctions against Tehran over its uranium-enrichment program... “This marks Iran’s first ship order since international sanctions were lifted early this year. Hyundai plans to provide technical support for Iran to run its shipyards as well,” the South Korean company said Sunday. (Wall Street Journal, "Hyundai Heavy Gets $700 Million Deal to Build 10 Ships for Iran Shipping Lines," 12/10/2016). (http://www.wsj.com/articles/hyundai-heavy-gets-700-million-deal-to-build-10-ships-for-iran-shipping-lines-1481426229)

"In December 2016, signed a $760 million contract with the Islamic Republic of Iran Shipping Lines (IRISL) to build four 14,500 20-foot equivalent unit (TEU) container ships and six 49,000-ton tankers for petrochemical products; tankers were built by its affiliate, Hyundai Mipo Dockyard; is taking a “wait-and-see approach” noting that it will be impossible to deliver the ships to Iran under U.S. sanctions." ("Mazda, Hyundai Leave Iranian Market, Affecting Cars and Shipping," Radio Farda, June 13, 2018. (https://en.radiofarda.com/a/mazda-hyundai-leaving-iranian-market/29288201.html)

HHI owns a controlling stake in the Hyundai Corporation, a general trading company specializing in a wide variety of shipping, industrial, chemical, and electrical products. Hyundai Corp signed a $1.9 billion contract to provide Iran with materials “in the fields of shipbuilding, machinery, steel & metal, chemicals, home appliances, etc.” Hyundai Corp’s Tehran Office website contains a Major Products section, which contains a litany of sensitive products with wide applicability in the Iranian energy, petroleum, and even defense industries. This products include: oil tankers, LNG carriers, diesel engines, signaling systems, optical cables, conductor wires, high voltage cables, transmission cables, steel, aluminum, zinc, polypropylene, other chemicals, and consumer electronics.  (http://english.hhi.co.kr/press/news_view.asp?idx=521&page=9) (http://www.hyundaicorp.com/eng/global/brench_main.asp?sOffice_id=39) (http://www.hyundaicorp.com/eng/global/prd_main.asp?sOffice_id=39)

"The company, through a sub-holding company, was reported as potentially having entered into a contract to build ships for an Iranian state-owned shipping company. CalPERS moved the company into “monitor” status in 2018. News reports in 2018 cite a source at the company as confirming no ships have been delivered under the contract, and that “it is impossible for [the company] to deliver the ships with U.S. sanctions back in position.” 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." (https://www.calpers.ca.gov/docs/forms-publications/iran-sudan-divestment-2020.pdf)

As of July 1, 2021, Korea Shipbuilding & Offshore Engineering Co is not listed on Mississippi's list of Companies Doing Business with the Iranian Petroleum/Natural Gas, Nuclear and Military Sectors. (https://www.dfa.ms.gov/media/2k5llxd4/business-with-iran.pdf)

In 2016 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. Hyundai Heavy was included on this list in 2016. "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." (https://www.tn.gov/content/dam/tn/generalservices/documents/cpo/cpo-library/public-information-library/List%20of%20persons%20pursuant%20to%20Tenn.%20Code%20Ann.%2012-12-106%20Iran%20Divestment%20Act.pdf)

Hyundai Heavy Industries has received numerous contracts to provide manufactured goods to Iran over the past six years. In 2004, HHI received an $18 million contract to provide construction equipment including excavators and wheel loaders to assist in the development of Iran's South Pars gas field.  (http://english.hhi.co.kr/press/news_view.asp?idx=255&page=1&search=title&keyword=Iran)

Hyundai Heavy Industries is the world's largest shipbuilder, with a 15% world market share. It also manufactures a variety of industrial, construction, and electrical equipment (Company Website).  (http://english.hhi.co.kr/about/msg)

"Iran said on Saturday that a deal has been reached with South Korea to launch a joint shipbuilding venture between the two countries. The venture will be established between Iran Shipbuilding and Offshore Industries Complex Company (ISOICO) and Hyundai, IRNA reported. ISOICO Managing Director Hamid Rezaian has emphasized that the related consultations as well as key agreements for the move have already been taken care of... Rezaian had announced in late November that ISOICO is looking into partnerships with major international shipbuilders including Hyundai and Germany's Nordic Yards Wismar." (Press TV, "Iran, South Korea to launch shipbuilding JV," 12/5/15)  (http://t.uani.com/1XWdq0u)

"None of the firms targeted are based in the United States. Only one name might appear familiar to American consumers: Hyundai Heavy Industries, the world's largest shipbuilder. However, that company has no connection to the similarly named automaker, said Jim Trainor, a spokesman for Hyundai Motor Co. The group United Against Nuclear Iran has criticized Hyundai Heavy Industries for its dealings with Iran and has faulted the Obama administration for failing to put it on the sanctions list." (The Baltimore Sun, "22 companies are listed for alleged Iran ties, sanctions," 9/17/2012) (http://www.baltimoresun.com/news/maryland/bs-bz-iran-companies-20120913,0,3088368.story)

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In 2017 the U.S. state of California listed Hyundai Heavy Industries as a company under review for potentially having entered into a contract to build ships for an Iranian state-owned shipping company. (https://www.calstrs.com/sites/main/files/file-attachments/calstrs_investment_reports_2017.pdf)

"Iran’s state-owned shipping company is in advanced talks with Korean shipyard Hyundai Heavy Industries Co. for a $650 million order of container ships and tankers, people involved in the talks said, marking Iran’s return to the international market after a decade. The deal may be announced as early as this week and is part of plans by Islamic Republic of Iran Shipping Lines and Iranian Offshore Oil Co., a subsidiary of state oil company National Iranian Oil Co., to spend a total of up to $2.5 billion to modernize their fleets. A Hyundai Heavy spokesman said Monday that Islamic Republic of Iran Shipping Lines, or IRISL, was in talks with the shipyard over a 10-ship order, but gave no details. Iranian shipping companies haven’t modernized their fleets since 2006, when the United Nations imposed wide-ranging sanctions against Tehran over its uranium-enrichment program." (The Wall Street Journal, "Iran Shipping Lines Close to $650 Million Korean Order," 12/5/2016). (http://www.wsj.com/articles/iran-shipping-lines-close-to-650-million-korean-order-1480951570)

Hyundai Oilbank and Hyundai Corporation are subsidiaries of Hyundai Heavy. (http://unitedagainstnucleariran.com/company/hyundai-oilbank) (http://unitedagainstnucleariran.com/company/hyundai-corporation)

In 2020, the U.S. state of Mississippi listed Hyundai Heavy on its state lists of Companies Doing Business with the Iranian Petroleum/Natural Gas, Nuclear and Military Sectors, rendering it ineligible for investment and/or state contracting. (https://www.dfa.ms.gov/media/sd1ccddh/businesses-doing-business-with-iran-12-4.docx)

In 2005, HHI together with Daewoo Shipbuilding received a $1 billion contract from the state-owned National Iranian Oil Tanker Co to build 10 oil tankers (Bloomberg). At the contract’s issuance, NIOTC officials planned to order another 35 vessels for 2010; the status of this order is unknown. Each tanker is capable of carrying 2 million barrels of crude, providing a massive increase in shipping capacity for the Iranian petroleum industry. (http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a9ztgWk9Vs5g&refer=asia)

On March 24, 2015, Florida State Board of Investments removed Hyundai Heavy Industries from the Iran Continued Examination list during the quarter. (https://www.sbafla.com/fsb/Portals/FSB/Content/GlobalGovernanceMandates/QuarterlyReports/2015/PFIA_Quarterly_Report_3_24_15.pdf?ver=2016-08-10-164152-327)