Toyo Engineering Corporation

As of December 2020, Rhode Island continues to list Toyo as having active investment in Iran's energy sector of at least greater than $50 million. The company's subsidiary, Toyo Engineering Canada Ltd., lists an office in Iran. Toyo-Canada specializes in the execution of upstream oil and gas projects. (Toyo Engineering Canada website, 07/2019)  (http://data.treasury.ri.gov/dataset/c56b9795-4c0b-4749-80a8-78418efc1492/resource/9d4e0eae-3bb0-4ed2-977a-db21ad57ea96/download/RhodeIslandIranContract2020.xlsx)

In 2017 the U.S. state of California listed Toyo Engineering as a company under review for reportedly signing an agreement to develop the Salman oil and Gas field in Iran.

Two Japanese Toyo Engineering workers are in Iran to deal with any defects in a plant the firm completed in 2009. According to a company source, they must stay there for at least another year.Though the firm feels it is important to take the Japanese and Western government positions into consideration, Toyo Engineering said it cannot fail to complete its contract. (The Nikkei Business Daily, " Japan Plant Builders Stepping Away From Iran," 10/14/2010) (http://e.nikkei.com/e/fr/tnks/Nni20101014D14HH887.htm)

Toyo 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)

"A Memorandum of Understanding was signed on Monday 17 July in Tehran by Gholamreza Manouchehri, Deputy Managing Director of NIOC, Hamid Akbari, CEO of Petropars and Hiroshi Sato, Toyo’s Director of Energy Business Unit, aiming to renew the Salman oil and gas field’s facilities and to boost production." (July 2017)  -- (https://shandaconsult.com/nioc-toyo-signed-mou-develop-oilfield-project-iran/)

"The company was reported as potentially having signed an agreement to develop the Salman field 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." (https://www.calpers.ca.gov/docs/forms-publications/iran-sudan-divestment-2020.pdf)

Toyo is listed by the Iranian firm, Sazeh Consultants, as a “Participant” in the Borzooyeh Petrochemical Company project.  (Sazeh Consultants Website, “About”).   (https://sazeh.co/Home/About)

In 2017, CalSTRS designated Toyo Engineering as “Under Review” for reportedly signing an agreement to develop the Salman oil and gas field in Iran. CalSTRS maintained the “Under Review” designation in 2018.  (https://www.calstrs.com/sites/main/files/file-attachments/calstrs_investment_reports_2018.pdf)

In 2011 Toyo was removed from Pennsylvania Treasury's List of Scrutinized Companies Determined as Having Involvement In Iran after it was determined to have past involvement.  (https://www.patreasury.gov/pdf/divestment/2011-Annual-Divestment-Report-print.pdf)

In 2017 the U.S. state of Minnesota, Rhode Island, South Carolina, Tennessee listed Toyo Engineering on its Iran restricted companies list rendering Toyo ineligible for investment and/or state contracting. (http://data.treasury.ri.gov/dataset/scrutinzed-companies-list-iran/resource/6936d293-53b5-4223-8f6d-36777bf91c6d)