Chiyoda Corporation

July 2017 - According to state-run IRNA News Agency of Iran on July 17, the Korea-Japan consortium consisting of Daelim Industrial, Hyundai E&C, and Chiyoda of Japan, signed an HOA on the construction of a US$ 3 oil refinery in the Siraf area, Bushehr Province of Iran. (http://www.businesskorea.co.kr/english/news/industry/18689-oil-refinery-project-korea-japan-consortium-signs-basic-contract-oil-refinery)

In 2017, the state of Iowa listed Chiyoda Corporation on its Iran scrutinized companies list rendering Chiyoda Corporation 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)

Chiyoda corporation was identified as potentially agreeing to renovate refineries in Iran. In 2017, CalSTRS designated Chiyoda Corporation as “Under Review” for potentially having ties to Iran. In 2018, CalSTRS removed Chiyoda Corporation after reviewing the company’s business in Iran and internal controls to prevent sanction violations. (https://www.calstrs.com/sites/main/files/file-attachments/calstrs_investment_reports_2018.pdf)

"Iran plans to increase its refining capacity for crude and condensate by more than 70 percent within the next four years as it works to improve the quality of fuel sold on the domestic market and wean itself off imported gasoline... The refineries to be upgraded are at Isfahan, Tabriz, Tehran, Bandar Abbas and Abadan, Kazemi said in the interview on Wednesday. The government will pay for Abadan plant's modernization and is seeking investors to fund the others, he said. Japanese engineering company Chiyoda Corp. is conducting a feasibility study with Mitsui & Co. on the Bandar Abbas project, said Masaru Akamatsu, a Chiyoda spokesman. Japan's Ministry of Economy, Trade & Industry is paying for part of the study, which is scheduled for completion by the end of March, Akamatsu said. The modernization contract is worth about 300 billion yen ($2.8 billion), Japanese broadcaster NHK reported in February." (Bloomberg, “Iran Plans Oil-Refinery Expansion to Cut Gasoline Imports,” 6/12/2016) (http://www.bloomberg.com/news/articles/2016-06-12/iran-to-cut-gasoline-imports-with-14-billion-refinery-expansion)

"Sanctions are also expected to hit a $3.6bn deal between Iran, Hyundai and Japan’s Chiyoda Corporation to construct the Siraf Refining Park in the southeastern coastal province of Bushehr." (Global Construction Review, "Sanctions hit $5.6bn worth of Korean refinery projects in Iran," 6/4/2018). (http://www.globalconstructionreview.com/news/sanctions-hit-56bn-worth-korean-refinery-projects-/)

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

On February 14, 2020, Chiyoda Corp 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%201Q20.pdf)