Sojitz

On its website, a Sojitz operating base in Tehran is listed under the company Sojitz Corporation Iran Ltd., at 5th Floor, No.82, Shahid Soltani St., Valiasr Ave. Tehran 19677-13961.

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The Department of Treasury OFAC settled with Sojitz on January 11, 2022 for $5,228,298 Related to Apparent Violations of the Iranian Transactions and Sanctions Regulations. 

"From August 2016 through May 2018, certain Sojitz HK employees acting contrary to companywide policies and procedures (“noncompliant employees”) caused Sojitz HK [Hong Kong] to purchase approximately 64,000 tons of Iranian-origin HDPE from a supplier in Thailand for resale to buyers in China (the “HDPE Trading”). Under the terms of the HDPE Trading arrangement, Sojitz HK paid the purchase price by wire transfer to the Thai supplier upon the supplier’s shipment of the HDPE to the Chinese buyers. Throughout the course of the HDPE Trading relationship, Sojitz HK made 60 separate U.S. dollar payments from its Hong Kong bank to the Thai supplier’s banks in Thailand, transferring a total of $75,603,411. Each of these U.S. dollar payments were processed and settled through multiple U.S. financial institutions, including the U.S. correspondent banks of the Hong Kong and Thai banks."

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"The company was reported as potentially seeking steel and petrochemical plan renovation opportunities 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."

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In 2017, CalSTRS designated Sojitz as “Under Review” for potentially having ties to Iran. In 2018, CalSTRS removed Sojitz after reviewing the company’s business with Iran and internal controls to prevent sanction violations

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"Japan’s Sojitz Corporation – the country’s sixth largest trading enterprise – has signed a basic agreement to study the production of steel sheets in Iran’s southeastern port of Chabahar.  The Japanese company signed the agreement with Iran’s Industrial Development and Renovation Organization (IDRO) – the operations arm of the country’s Ministry of Industry, Trade, and Mine." (February 13, 2017)

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"National Petrochemical Company (NPC) has signed a memorandum of understating with Japan's Sojitz for feasibility studies on construction of a methanol to propylene conversion plant in Iran. Held at the locality of the NPC in Tehran, the signing ceremony of the MoU was attended by Managing Director of the NPC Marziyeh Shahdaei and Masaru Sato, Sojitz's senior representative on Saturday. Speaking during the ceremony, Marziyeh Shahdaei, who is also deputy petroleum minister in petrochemical affairs, said the project is of crucial importance for Iran given the vast gas reserves it is sitting atop. Sojitz has been active in Iran over 50 years and is the first foreign company active in Iran's petrochemical sector, said Sato during the meeting." (IRNA, "NPC, Sojitz of Japan sign MoU for petchem cooperation," 10/10/2016).