Doosan Heavy Industries & Construction

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“We have tried to enter the Iranian market by, for example, signing an MOU with Iran’s National Water and Wastewater Engineering Company in April this year,” said Yoon Seok-won, head of the Water BG of Doosan, adding, “This SAKO Project signed at this time based on the recent summit talks between South Korean President Park Geun-hye and Iranian President Hassan Rouhani will be the starting point to increase our presence in the Iranian water market, which is estimated to grow to reach US$2 billion in 2018.” (April 1, 2016). (http://www.businesskorea.co.kr/news/articleView.html?idxno=15083)

"The company was reported as potentially having exposure to Iran through a parent company, Doosan Corp. In a letter dated November 29, 2017 the company stated it has no business activities in Iran. In 2018 CalPERS determined to maintain the company in "monitor" status for possible changes in status relevant to the Act. CalPERS has determined to maintain the designation for 2020." (https://www.calpers.ca.gov/docs/forms-publications/iran-sudan-divestment-2020.pdf)

"Doosan Heavy Industries recently held a showcase in Iran to target the water conversion market with its affiliates overseas, including Doosan Skoda Power. 'Iran is a huge market that will help us break through the slumping economy and low international oil prices,' said Kim Heon-tak, a vice president of Doosan Heavy Industries. 'We will try to find an opportunity in the water conversion business with our industry-leading technology.'" (Korea Joongang Daily, “Korea courts big business in Iran,” 3/1/2016) (http://koreajoongangdaily.joins.com/news/article/Article.aspx?src=ilaw&aid=3015629)

"Iran and the Republic of Korea on Monday signed three agreements in the form of one memorandum of understanding (MOU) and two memorandums of agreement (MOA) during Iran-Korea Business Forum in Tehran… Another MOA was inked between the Korean Doosan Heavy Industry and Construction and the Iranian Negin Mokran Development Company (NMDC).." (Tehran Times, “Leader asks literati to care about current issues,” 6/21/2016) (http://www.tehrantimes.com/index_View.asp?code=253410)