Withdrawn

"Procter & Gamble Co. confirmed today that the company plans to stop selling products in Iran as a result of President Donald Trump pulling the United States out of an agreement to limit Tehran’s ability to develop nuclear weapons." (6/4/2018).

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"Like many Western firms, Procter & Gamble Co. is eyeing new opportunities in Iran following the relaxing of trade sanctions earlier this year. But for a Swiss subsidiary of the U.S. consumer goods giant, Iran already is a very familiar market. Starting with market research in 2003, and culminating with more than $100 million in sales in the year ended in mid-2010, Geneva-based Procter & Gamble International Operations SA’s business in 'Parthia'—an in-house byword for the Middle Eastern country—was a success story. The operation relied on a legal exception. Until 2012, foreign subsidiaries of American firms could do business in Iran, as long as no U.S. passport or green-card holders were involved. Internal Procter & Gamble International Operations documents reviewed by The Wall Street Journal provide a rare glimpse into the careful, behind-the-scenes efforts undertaken on behalf of U.S. companies to do business legally in Iran several years ago, amid the sanctions—which have barred trade, with limited exceptions... A P&G spokeswoman said, 'We are looking to increase the distribution of our existing brands and expand the portfolio of brands' in Iran, and making a related hiring effort." (Wall Street Journal, "After a Taste of Doing Business in Iran, P&G Is Eger to Re-Engage," 7/13/2016)

In 2020, the U.S. state of Mississippi listed Royal Dutch Shell 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.

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On February 14, 2020, Iowa Public Employees' Retirement System removed Royal Dutch Shell from its list of Iran Prohibited Companies.

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"The company was reported as potentially seeking oilfield development 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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According to a Quarterly Report filed with the SEC for fiscal year 2020: "In 2020, a 2017 payment of $101 was discovered for a meal between an employee of the RDS Group and an employee of National Iranian Gas Company (“NIGC”) and the NIGC employee’s wife that was not previously disclosed.

During the first quarter of 2020, the RDS Group paid $1,685 for the clearance of overflight permits for RDS Group aircraft over Iranian airspace. There was no gross revenue or net profit associated with these transactions. On occasion, RDS Group aircraft may be routed over Iran, and, therefore, these payments may continue in the future."

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According to its Annual Report filed with the SEC for fiscal year 2019: "In 2019, we paid fees for trademark renewals to the Iranian Intellectual Property Office in the amount of $1,583 and paid agent fees in the amount of $4,357 to Dr. Alexander Aghayan and Associates Law Firm for trademark renewal and legal services. Additionally, we discovered that in 2018 we paid fees in the amount of $1,861 for trademark renewals to the Iranian Intellectual Property Office and paid agent fees in the amount of $438 to Abardad International Law Office for trademark renewal and legal services, and paid additional agent fees in the amount of $262 to Brandstock Services AG in relation to trademark renewals. These payments may continue in the future. There was no gross revenue or net profit associated with these transactions.

In 2019, we paid $31,868 for the clearance of overflight permits for Shell aircraft over Iranian airspace. There was no gross revenue or net profit associated with these transactions. On occasion, our aircraft may be routed over Iran and therefore these payments may continue in the future."

We maintain accounts with Karafarin Bank, where our cash deposits (balance of $5,116,266 at December 31, 2019) generated non-taxable interest income of $223,391 in 2019, and we paid $5 in bank charges.

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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 activities targeted by the Act. CalPERS will continue to assess and/or monitor the company for possible changes in status relevant to the Act.

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Royal Dutch Shell had previously been removed from the Iran-related securities list. In 2017, CalSTRS designated Royal Dutch Shell as “Under Review” for potentially having new ties to Iran. In 2018, CalSTRS designated Royal Dutch
Shell as “Being Monitored.” In 2019 CalSTRS removed Royal Dutch Shell after reviewing the company’s curtailment of business with Iran. 

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Shell is listed as a partner of the Iranian firm, Chagalesh Consulting Engineers (“Chagalesh”).  (Chagalesh Website, “About”). 

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As of August 15, 2019, the state of Iowa listed Royal Dutch Shell on its Iran scrutinized companies list.

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"Royal Dutch Shell is not taking any British-flagged tankers through the Strait of Hormuz amid heightened tensions with Iran in the vital chokepoint for oil shipments." (Reuters, "Shell not taking British-flagged tankers through Hormuz," 8/1/2019).

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Royal Dutch Shell has reportedly signed preliminary agreements to develop oilfields in Iran. Royal Dutch Shell had previously been removed from the Iran related securities list. In 2017,CalSTRS designated Royal Dutch Shell as “Under Review” for potentially having new ties to Iran. In 2018, CalSTRS designated Royal Dutch Shell as “Being Monitored.” CalSTRS expects to meet with the company in 2019.

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Has halted purchases of Iranian crude oil. (Annmarie Hordern and Golnar Motevalli, "Iran Doesn't Expect Oil Customers to Get Sanctions Waivers," Bloomberg, June 22, 2018.)

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According to its Quarterly Report filed with the SEC for fiscal year 2018: "During the first quarter of 2018, the RDS Group settled a receivable of $10.5 million with the National Iranian Oil Company (“NIOC”) associated with its previous upstream activities conducted prior to the imposition of European Union sanctions against a payable for freight and ancillary services in relation to oil cargoes purchased in 2016. The net payable of $1.0 million was paid to NIOC in March 2018.

During the first quarter of 2018, the RDS Group paid $6,196 for the clearance of overflight permits for RDS Group aircraft over Iranian airspace and $6,352 for handling cost to the Iranian Civil Aviation Authority. There was no gross revenue or net profit associated with these transactions. On occasion, RDS Group aircraft may be routed over Iran and therefore these payments may continue in the future.

During the first quarter of 2018, RDS Group employees met with Iranian officials in Iran. In relation to these travelling RDS Group employees, $2,566 was paid to Iranian authorities for visas and exit fees; $62 was paid to Bimeh Insurance Company for travel insurance; and $180 was paid to Iranian airlines for flight tickets. The RDS Group also discovered $294 in travel visa costs in relation to Q4 2017 that were not previously disclosed. There was no gross revenue or net profit associated with these transactions. The RDS Group expects to continue discussions with Iranian officials and therefore similar payments may continue in the future.

During the first quarter of 2018, the RDS Group provided downstream retail services to the Iranian Embassy in Switzerland and to the International Islamic Liquidity Management Corporation in Malaysia. These transactions generated gross revenue of $1,370 and an estimated net profit of $80. The RDS Group has no contractual agreement with these parties."

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In 2017 the U.S. state of California listed Royal Dutch Shell as a company under review for reportedly signing preliminary agreements to develop oilfields in Iran.

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In 2018 the U.S. state of Iowa listed Royal Dutch Shell as an Iran restricted company rendering Royal Dutch Shell ineligible for investment and/or state contracting.

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According to its Quarterly Report filed with the SEC in 2017: "As a result of the suspension of U.S. and European Union (EU) sanctions, the RDS Group is considering potential opportunities in Iran and, in September 2016, opened an office in Iran.

The RDS Group maintains accounts with Bank Karafarin, where its cash deposits (balance of $2.8 million at March 31, 2017) generated non-taxable interest income of $0.1 million in the first quarter of 2017. The RDS Group paid Bank Karafarin $8 in bank charges in the first quarter of 2017.

At March 31, 2017, the RDS Group has a receivable of $10.5 million outstanding with the National Iranian Oil Company (“NIOC”) associated with the RDS Group’s previous upstream activities conducted prior to the EU sanctions.

In December, 2016, RDS Group subsidiary Shell Eastern Trading (Pte) Ltd (SETL) purchased two cargoes of crude oil from NIOC for $103 million and $106 million, respectively. Both cargoes were paid for in February 2017. These cargoes were subsequently sold to an RDS Group refinery, resulting in net profits of $1.6 million and $1.8 million, respectively. The RDS Group intends to continue to consider business opportunities with NIOC, including the purchase and trading of crude oil.

During the first quarter of 2017, the RDS Group paid $990 to the Iranian Civil Aviation Authority for the clearance of overflight permits for RDS Group aircraft over Iranian airspace. There was no gross revenue or net profit associated with these transactions. On occasion, RDS Group aircraft may be routed over Iran and therefore these payments may continue in the future.

During the first quarter of 2017, RDS Group employees met with Iranian officials in Iran. In relation to these travelling RDS Group employees, $5,282 was paid to Iranian authorities for visas, airport services and exit fees, $45 was paid to Bimeh Insurance Company for travel insurance, $1,253 was paid to Iranian airlines for flight tickets, and $298 was paid to Iranian hotels. The RDS Group also discovered $224 in travel visa costs in relation to 2016 that was not previously disclosed. In addition, the RDS Group paid $13,875 in conference registration fees for conferences attended by RDS Group employees. The conferences attended are Petroleum Conference - Iran 2017, Iran Renewable Energy Commercial Conference and Iranian Petroleum and Energy Club Congress and Exhibition. There was no gross revenue or net profit associated with these transactions. The RDS Group expects to continue discussions with Iranian officials and therefore similar payments may continue in the future.

In the first quarter of 2017, through the RDS Group subsidiary Deheza S.A.I.C.F.el., the RDS Group provided downstream retail services to the Iranian Embassy in Argentina. This transaction generated gross revenue of $156 and an estimated net profit of $22. The RDS Group has no contractual agreement with this embassy."
 

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In 2017 the U.S. state of Mississippi and South Carolina listed Royal Dutch Shell on its Iran restricted companies list rendering Royal Dutch Shell ineligible for investment and/or state contracting.

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In 2016 and 2017 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. Royal Dutch Shell 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."

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In 2017, we agreed to extend the term of a memorandum of understanding and a separate confidentiality agreement, each originally signed in 2016, with NIOC to cover a joint review of a number of oil and gas opportunities.

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According to its Quarterly Report filed with the SEC in 2016: "In 2010, the RDS Group ceased all of its upstream commercial activities in Iran and suspended new business development in Iran, as a direct consequence of the international sanctions imposed on the country. In 2013, the RDS Group closed its small representative office in Iran. However, as a result of the suspension of US and European Union (EU) sanctions, the RDS Group is currently considering potential opportunities in Iran.

The RDS Group maintains accounts with Bank Karafarin, where its cash deposits (balance of $3.1 million at March 31, 2016) generated non-taxable interest income of $0.1 million in the three months ended March 31, 2016.

During the three months ended March 31, 2016, the RDS Group paid $224 in stamp duties to the Iranian Ministry of Finance, thorugh its Iranian accountant Bayat Rayan.

Payments to the Iranian Civil Aviation Authority for the clearance of overflight permits for RDS Group aircraft over Iranian airspace amounted to $2,052 during the three months ended March 31, 2016. There was no gross revenue or net profit associated with these transactions. On occasion, RDS Group aircraft may be routed over Iran and therefore these payments may continue in the future.

During the three months ended 2016, RDS Group officials met with Iranian officials in Iran. In relation to these travelling RDS Group officials, an amount of $1,777 was paid to the Iranian Authorities for visas and exit fees. An amount of $16 was paid for travel insurance to Bimeh Insurance Company. There was no gross revenue or net profit associated with the above transactions. The RDS Group expects to continue discussions with Iranian officials and therefore similar payments may continue in the future.

After the suspension of US and EU sanctions, the RDS Group made a series of payments in February and March 2016, totaling $1.942 million, to settle the payable amount for oil cargoes purchased from the National Iranian Oil Company (“NIOC”) prior to EU sanctions.

At March 31, 2016, the RDS Group has the following amounts outstanding with NIOC: a net payable of $0.4 million in respect of demurrage and a receivable of $10.5 million associated with the RDS Group’s previous upstream business activities conducted prior to EU sanctions. The RDS Group intends to resolve these outstanding balances at the earliest possible time.

In its downstream business, through RDS Group subsidiary Deheza S.A.I.C.F.el., the RDS Group provided retail services during the three months ended March 31, 2016 to the Iranian Embassy in Argentina. These transactions generated gross revenue of $174 and an estimated net profit of $14. The RDS Group has no contractual agreement with this embassy."

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"Royal Dutch Shell has bought only three cargoes of Iranian oil since sanctions were eased a year ago, a small fraction of what it used to buy and an indication of the legal difficulties and high prices that still hamper the trade. The Anglo-Dutch firm did not give a reason for the drop in purchases, which were disclosed in its annual report, and the company declined to comment further. But oil trading sources say Iranian oil is often too expensive and in any case remaining sanctions make dealing with the Islamic Republic a legal minefield. As an example of sanctions-related difficulties, Shell's filings showed it had to disclose payments of only a few hundred dollars when its employees bought tickets with Iranian airlines. After an accord was reached over Iran's nuclear program, the European Union eased sanctions on Iran in January 2016 and the United States lifted some restrictions on dollar trade, moves that have allowed Iran to raise its oil exports sharply." (Reuters, "Despite Sanctions Relief, Shell Still Cool On Iranian Oil Buys," 3/10/2017).

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"The National Iranian Oil Company has signed new spot oil export contracts with BP and the Anglo-Dutch Royal Dutch Shell to provide them with oil and gas condensates, director for international affairs at NIOC said on Wednesday... A spot contract is a deal for buying or selling a commodity for settlement (payment and delivery) on the spot date, which is normally two business days after the trade date. A spot contract is in contrast with a forward contract where terms are agreed now but delivery and payment will occur at a future date." (Financial Tribune, "Iran Signs Spot Contracts with Shell, BP," 12/29/2016).

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"Royal Dutch Shell PLC on Wednesday said it had signed an agreement with Iran’s state oil company to explore future projects, signaling that giant energy companies are unlikely to be deterred by President-elect Donald Trump’s pledge to undo the Iran nuclear deal. Shell is the largest company to wade back into Iran since the U.S. and other world powers lifted sanctions in January in exchange for Tehran putting strict limits on its nuclear program. The British-Dutch firm follows France’s Total SA, which last month signed a $4.8 billion deal to develop a large natural-gas field in Iran and now is negotiating an oil deal... The scope of Shell’s deal remains unclear. A Shell spokesman said the firm and the National Iranian Oil Co. signed a memorandum of understanding to “further explore areas of potential cooperation.” The agreement is nonbinding and doesn’t come with an investment commitment, unlike Total’s deal. Earlier on Wednesday, the Iranian oil ministry said it and Shell were examining agreements to develop two large oil fields that could give a big boost to the country’s output. Shell didn’t confirm those talks. Shell has said it would proceed with caution as it mulls re-entering Iran... Iran’s oil ministry said Shell was interested in developing the South Azadegan and Yadavaran oil fields and the Kish gas field." (The Wall Street Journal, "Shell Signs Preliminary Iran Oil Deal Despite Uncertainty Over Trump," 12/7/2016).

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"Royal Dutch Shell confirmed Monday that it had signed an initial deal with Iran's National Petrochemical Company, paving the way for its return to the Islamic republic. "We can confirm that we have expressed our interest to further explore potential areas of cooperation with the National Petrochemical Company through a letter of intent," a spokesman for the Anglo-Dutch energy giant told AFP. Iran's Shana news agency, which is linked to its oil ministry, said the deal had been signed in Tehran on Sunday. Hans Nijkamp, Shell's vice president, attended the signing ceremony and told Shana that the company was seeking "a long-term presence in Iran". "We first need to see what are the areas where we think we can work together and then work out what commercial structures we use, what technical solutions, and ultimately you will indeed end up with a sort of a joint venture agreement," he said. "But it is too early today to put any timeline on that. We are very pleased that Iran is coming back to be a part of the global community. But it is still a fragile situation," he added, according to Shana." (AFP, "Royal Dutch Shell signs initial deal to return to Iran," 10/10/2016).

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"Iran has sold its first cargoes of natural gas condensate and crude oil to British companies...So far NIOC has sold two cargos of crude oil and gas condensate to two British companies," Ghamsari said, without naming the second company... Ghamsari said negotiations are underway for NIOC to sign long-term contracts with BP and Royal Dutch Shell, Mehr reported." (Reuters,  "Iran sells first cargoes of oil, condensate to British companies - Mehr news," 10/3/2016).

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In 2015 Royal Dutch Shell was removed from Pennsylvania Treasury's List of Scrutinized Companies Determined as Having Involvement In Iran because the company's "involvement in purchases of crude oil falls uner the waivers granted by the U.S. government that meet Section (a)(2) of Act 44's expiration clause."

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According to a Quarterly Report filed with the SEC for fiscal year 2013: "In 2010, the RDS Group ceased all of its upstream commercial activities and suspended new business development in Iran, as a direct consequence of the international sanctions imposed on the country.

In 2013, the RDS Group closed its small representative office in Iran. In February 2014, the RDS Group paid approximately $5,620 as final settlement of corporate income tax related to the financial year ended December 31, 2007. The payment was made through a cheque guaranteed by Bank Karafarin, where the RDS Group maintains accounts. This transaction did not generate gross revenue or net profit. However, the RDS Group’s cash deposits in Bank Karafarin (balance of $3.0 million at September 30, 2014) generated non-taxable interest income of $0.4 million in the first nine months of 2014. In the future, the RDS Group expects to make additional payments as a result of the ongoing liquidation process, including tax payments.

Payments to the Iranian Civil Aviation Authority for the clearance of overflight permits for RDS Group aircraft over Iranian airspace amounted to approximately $1,830 during the first nine months of 2014. There was no gross revenue or net profit associated with these transactions. On occasion, RDS Group aircraft may be routed over Iran and therefore these payments may continue in the future.

In the downstream business, through the RDS Group subsidiary Deheza S.A.I.C.F.eI., the RDS Group provided retail services in August 2014 to the Iranian embassy in Argentina (Embajada de la República Islámica de Irán). This transaction generated a gross revenue of $63 and an estimated net profit of $6. The RDS Group has no contractual agreement with this embassy.

At September 30, 2014, the RDS Group has approximately $2,246 million payable to, and $12 million receivable from, the National Iranian Oil Company. The payable amount decreased by $183 million during the first nine months of 2014 as a result of currency movements. There was no change in the principal amount. The RDS Group is unable to settle the payable position as a result of applicable sanctions."

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In 2013, Royal Dutch Shell 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.

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In 2011 Royal Dutch Shell was removed from Pennsylvania Treasury's List of Scrutinized Companies Determined as Having Involvement In Iran after it was determined to have past involvement. 

As of May 17, 2021, Iowa's Public Employee's Retirement System lists Korea Electric on its Iran Scrutinized Companies List.

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According to its Annual report filed with the SEC for fiscal year 2019: "We previously engaged in limited activities relating to Iran, but all of such activities have been terminated upon the withdrawal of the United States from the JCPOA."

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In 2019 Korea Electric was listed on the Texas Comptroller List of Companies Engaging in Scrutinized Business Operations in Iran.  

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According to its 2018 Annual Report filed with the SEC in April 2019: "We previously engaged in limited activities relating to Iran, but all of such activities have been terminated upon the withdrawal of the United States from the JCPOA. We are currently in the process of closing down our representative office in Tehran, Iran, which is expected to take more than one year due to relevant legal procedures. We have announced to all relevant Iranian counterparties, all of which were either the Government of Iran or state-owned enterprises, our intention to terminate all business activities in Iran. We previously entered into agreement with counterparties in Iran including the following:

• We engaged Mehr Renewable Energy Company for project design documentation services to register with United Nations Framework Convention on Climate Change our CDM business to be conducted in Iran.
• Korea Electric Power Research Institute, which is operated by us, entered into cooperation agreements with Iran’s Niroo Research Institute regarding various joint research and development efforts relating to power plants, renewable energy, smart grids and other energy-related technologies."

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As of August 15, 2019, the state of Iowa listed Korea Electric on its Iran scrutinized companies list.

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According to its Annual Report filed with the SEC for fiscal year 2017: "A summary of our current projects in Iran follows. We have entered into a cooperation agreement with Tavanir, an Iranian state-owned electricity provider, under which we would carry out a pilot “advanced metering infrastructure (AMI)” project. AMI enables checking the electricity usage amount remotely. The project is being conducted in Pak Dasht City and Hormuz Island, Iran. This project involves installing over approximately 2,500 smart meters. The development and production of AMI equipment and materials are complete, and we have obtained permission from the Ministry of Trade, Energy and Industry of Korea to export the equipment. We currently plan to ship the AMI equipment and materials to Iran during April 2017, install them in May 2017, and complete the project by July 2017.
   
We are in the process of negotiating various agreements with Tavanir under which we would provide consulting services relating to (i) improvement of Iran’s electricity demand through load management, efficiency improvement and tariff system improvement, (ii) formation of a roadmap for intelligent electricity transmission system in Iran by improving transmission reliability and implementing automation, (iii) reduction of electricity loss during transmission in the electricity system of Iran, (iv) development of a clean development mechanism (CDM) for the recovery and recycling of the sulfur hexafluoride gas in Iran for purposes of carbon emission reduction, and (v) modeling the installation of energy storage systems in Iran. Funding for the last project will be provided by the Ministry of Trade, Industry and Energy of Korea under its Official Development Aid program.
   
We have participated in a feasibility study of the proposed adoption by Tavanir of a 765 kV electricity transmission network. Our task involved reviewing Tavanir’s feasibility report. A final report summarizing our review of the feasibility report and a technical review of the transmission network was submitted in February 2017.

We are in the process of negotiating a contract with Thermal Power Plant Holding Company of Iran under which we would build and operate combined cycle power plants at Zanjan and Neyzar, Iran.

 We have submitted a draft proposal to the Iran Energy Efficiency Organization under which we would provide consulting services in relation to AMI security in Iran.

We are in the process of conducting a feasibility study for a solar power project in Iran.
   
Our wholly-owned subsidiary, Korea Western Power, is currently pursuing a “build, operate and transfer” project relating to a 500 megawatts combined cycle power plant in Sirjan, Kerman in Iran, through a consortium with Daewoo E&C, a Korean construction company, and Gohar Energy, an Iranian energy company. The consortium is currently conducting a feasibility study.

Korea Electric Power Research Institute, which is operated by us, has entered into cooperation agreements with Iran’s Niroo Research Institute regarding various joint research and development efforts relating to power plants and renewable energy." 

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In 2018 the U.S. state of Iowa listed Kepco on its Iran prohibited companies list rendering Kepco ineligible for investment and/or state contracting./ Owned by Korea Development bank

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"An official has announced that seven new power plants will be constructed inside the country by Russian and South Korean companies. Mohsen Tarztalab, the General Manager of Iran's Thermal Power Plant Holding (TPPH), described signing of new contracts for designing and construction of new power stations in collaboration with foreign investors during the post-JCPOA era saying 'a Memorandum of Understanding (MoU) has been recently inked with Russian contractor Technoprom energy firm for building a 1400MW power plant in the southern Iranian port city of Bandar Abbas.' ... Moreover, South Korea's Hyundai Engineering Company (HEC) and Korea Electric Power Corp (KEPCO) have signed agreements with Iran over joint construction of three other power generating plants in Zanjan, Qom and Bafgh cities." (Mehr, "Foreign firms to build  power houses in Iran," 08/28/2016).

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"Posco Energy, in cooperation with the Korea Electric Power Corporation (Kepco), Posco E&C and PKP, recently signed an MOU for an off-gas power plant and desalination project in Iran. Posco Energy and Kepco will be in charge of operating and maintaining the plant and desalination facility, while Posco E&C will oversee their construction." (Korea JoongAng Daily, “Posco signs deals to export its tech to Iran,” 4/29/2016)

Acrobits confirmed to UANI that they did consider going to present its technology, but decided not to participate.

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Acrobits is listed as one of the companies participating as an exhibitor at the Iran Telecom Innovations conference from September 25-28, 2016, in Tehran, Iran. (List of Exhibitors).

Iranian oil, gas, petrochemical and power industries services company Petrokalooj cites Siemens as a supplier on its website.

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As of May 17, 2021, Iowa's Public Employee's Retirement System lists Siemens on its Iran Scrutinized Companies List.

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"The company was reported as potentially involved in power and transportation projects 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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Iranian company Diesel Motor A.F.Z. (“Diesel Motor”) cites Siemens as a customer on its company website. (Diesel Motor Website, “Home”).

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Siemens was featured at the Iran Oil Show through one of its many Iranian representative companies, Simi Nasr Maad Group (“Maad Group”).

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According to its website, Amitis is an authorized representative for Siemens in Iran.

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As of August 15, 2019, the state of Iowa listed Siemens on its Iran scrutinized companies list.

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Siemens AG had previously been removed from the Iran-related securities list. In 2017, CalSTRS designated Siemens AG as “Under Review” for potentially having new ties to Iran. In 2018, CalSTRS removed Siemens AG after reviewing the company’s business with Iran and internal controls to prevent sanction violations.

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Speaking to CNN on Sunday, Siemens (SIEGY) CEO Joe Kaeser said his company could not do any new business in Iran after President Donald Trump decided to ditch the deal and reimpose US sanctions. (5/14/2018).

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Siemens participated in the February 20, 2017 Vereinigung der Bayerischen Wirtschaft e. V. (“vbw”) meeting with Iranian Foreign Minister Dr. Mohammed Javad Zarif and Ambassador S. E. Ali Majedi. Organisation (“IDRO”).

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This is while another German major industrial company, Siemens, signed an MoU with the Persian Gulf Petrochemical Industries Company to forge cooperation in the petrochemical sector. (May 11, 2018).

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In 2017 the U.S. state of California listed Siemens as a company under review for reportedly financing multiple power and transportation projects in Iran as well as providing other projects and service in Iran.

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In 2018 the U.S. state of Iowa listed Siemens as an Iran restricted company rendering Siemens ineligible for investment and/or state contracting. 

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"TAM Co, an auto parts subsidiary of Iran Khodro (IKCO), and Germany’s Siemens signed a memorandum of understanding (MoU) on Sunday to develop joint projects and facilitate future production. " (May 30, 2017).

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Siemens participated in the February 20, 2017 Vereinigung der Bayerischen Wirtschaft e. V. (“vbw”) meeting with Iranian Foreign Minister Dr. Mohammed Javad Zarif and Ambassador S. E. Ali Majedi. Prospective engagement with the vbw Economic Liaison Office in Tehran, where the Tehran Chamber will serve as a local partner. Troublingly, the Tehran Chamber is affiliated with the Iran Development and Renovation Organisation (“IDRO”). (vbw Website, “Round Table mit dem iranischen Außenminister Dr. Zarif”).

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"Siemens has received a major order for 12 compressor trains for two onshore natural gas processing plants in Iran. The company Palayesh Parsian Sepehr will operate the plants. Siemens' customer is the EPC Hampa Engineering Corporation. The order volume is in the high double-digit million euro range. Commercial operation is expected end of 2018." (Siemens Website, "Siemens to Supply Compressor Trains for Natural Gas Processing Plants in Iran," 1/24/2017).

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"Iran says it has signed a deal with Germany to cooperate over production of 50 diesel locomotives which will be used in the Iranian rail network. Iran’s Minister of Roads and Urban Development Abbas Akhoundi said the deal was signed during a visit to Tehran by Germany’s Minister of Transport and Digital Infrastructure, Alexander Dobrindt. Akhoundi was quoted as saying by IRNA news agency that the locomotives will be jointly produced by Germany’s engineering giant Siemens and Iran Power Projects Management Company (MAPNA)..." (Press TV, "Iran, Germany Seal Diesel Locomotives Deal," 1/19/2017).

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"Iranian Railway Company has signed contract with Siemens of Germany to acquire some 3,000 wagons by the end of March, Babak Ahmadi Naqedi, senior official with Islamic Republic of Iran Railways said on Wednesday. The company decided to put out of service all the wagons built more than 55 years ago, Ahmadi Naqedi was quoted as saying in an Irna report." (Trade Arabia, "Iran Railway to Buy 3,000 Wagons from Siemens," 1/6/2017).

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Iran’s MAPNA Group and German Company Siemens AG signed a new contract on Monday October 3, 2016, in a bid to modernize Iran’s railway infrastructure. (October 3, 2016)

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Only six months after signing of the energy agreement with the MAPNA Group, Siemens has shipped the first F-class gas turbine for the project Bandar Abbas to Iran. This is the first stage of the bilateral contract covering the transfer of know-how for F-class gas turbine technology between Siemens and MAPNA. As part of the Bandar Abbas gas-fired power plant, this turbine along with the rest of the equipment which will be provided by MAPNA, will help to cover the country's continuously rising demand for electricity. In March 2016, Siemens concluded a far-reaching agreement with MAPNA, Iran's largest power plant EPC contractor, to collaborate on the transfer of know-how for the F-class gas turbine technology to modernize the Iranian power supply system. (Siemens Website, "Siemens and MAPNA to Start Transfer of Know-how for F-Class Gas Turbines," 9/20/2016)

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"A fresh round of talks between Iran and Germany’s Siemens was held in Tehran revolving around partnership in petrochemical industries during post-sanction era. Siemens AG company of Germany, after returning properties of Iran’s oil industry which had been blocked due to international sanctions, has launched new negotiations with Iran over petrochemical cooperation in the post-JCPOA period. Accordingly, delegation comprising high-ranking directors of the German firm have travelled to Tehran and held meetings managers of Iranian petrochemical industries as well as the Association of Petrochemical Industry Corporations (APIC). The main axes of talks between the two sides include expansion of bilateral ties as well as boosting activities of the German firm in Iranian petchem industries by equipment and supply of parts to technical and management systems." (Mehr, "Germans to build petchem plants in Iran," 08/21/2016). 

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"A hoped-for export bonanza has failed to materialise a year after a deal to lift international sanctions against Iran over its nuclear programme, a German industry association [stated]...  'Despite increased foreign trade, there is a certain disillusionment,' Volker Treier, chief economist at the German Chambers of Commerce and Industry (DIHK), said. German exports to Iran had increased 11 percent in the first four months of 2016 to 890 million euros ($985 million), and likely stood at over one billion euros in the first six months, Treier said. That leaves a lot of ground to make up if firms are to match DIHK forecasts of 5.0 billion euros of exports annually within three years of the deal, mounting to 10 billion euros within five years... German carmakers and machine-tool builders were among the firms most avid to leap into the new market, where their products had been sought-after rarities until the deal came into force in January. 'Of course the expectations were high that trade with Iran would return to where it was in the old days,' Treier said, but 'we're far removed from that.' With many Western banks still reluctant to issue loans for deals involving Iran -- fearing to fall foul of continuing US sanctions against Tehran's financial sector -- cash to fuel the business is hard to find, the DIHK said. But some German household names are already making inroads into Iran's economy, with Daimler planning a factory to build Mercedes-Benz cars with two local partners, while Siemens has licensed gas turbines and power station generators to Iran's Mapna." (AFP, "German exporters say yet to see big payday from Iran trade," 8/8/2016)

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"More than 200 professionals from the chemical, petrochemical and oil and gas sectors have joined Siemens at an event to launch an expanded technology portfolio for a stronger, more competitive industrial landscape in Iran. 'Iran is experiencing an industrial revolution and we have expanded our portfolio in the country to offer advanced technology, which allows our customers to significantly strengthen their businesses,' said Juergen Engert, Vice President of Process Industries & Drives and Digital Factory for Siemens Iran. 'At Siemens we are using our digitalization technology to combine the physical and virtual worlds of industrialization, helping our customers to be fast, efficient, reliable and competitive on a global stage. We have been a trusted development partner to Iran for decades, and we will continue to apply our knowledge, digitalization technology and ingenuity in the interests of a sustainable, diversified economy.'" (Tehran Times, “Siemens launches expanded technology portfolio for process, manufacturing industries in Iran,” 6/13/2016)

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"Iran and the German equipment manufacturer, Siemens, have reached an agreement to build a big new power plant in Northern Tehran. According to the Iranian officials, the agreement was made during negotiations by Iran's economic delegation in visits to Poland, Finland, Sweden and Latvia, Deputy Head of Andoukhteh Shahed Institute's Board of Directors Seyed Mohammad Reza Ayatollahi said on Wednesday. 'The agreement for cooperation with Siemens will be inked soon,' he added, noting that the German company will finance the big power plant in Damavand city... In a relevant development in March, the Iranian industrial group MAPNA and the German equipment manufacturer, Siemens, signed a contract worth $3.5bln, a trade official announced." (Fars News Agency, “German Siemens Company to Finance Construction of Major Power Plant in Iran,” 6/8/2016)

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The Siemens AG head of government affairs is listed as a speaker at the 11th International Energy Conference that took place from May 30-31, 2016 in Tehran, Iran. (Key Speakers) 

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"Like many other international companies, Bombardier Inc. and Siemens AG are willing to develop their activity in the Iranian market in the post-sanction time, although they consider banking barriers, which are still in place, an obstacle getting in the way…" (Tehran Times, “Bombardier, Siemens willing to boost share of Iran market,” 5/16/2016)

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"Iran and Germany have signed some memorandums of understanding (MoUs) on cooperation in sectors of oil and natural gas. The MoUs were sealed by the National Iranian Oil Company (NIOC), Tehran-based Oil Turbo Compressor Company (OTC) and Germany's Siemens. NIOC chief Rokneddin Javadi and OTC director Sa'eed Mohtadi struck the energy cooperation deals with Siegfried Russwurm, member of the managing board of Siemens AG and its chief technology officer, IRNA reported. Under the agreements, the parties involved will work jointly to overhaul equipment and facilities at Iran's oil operations and refineries and also to develop higher-capacity turbines used in the industry. IRNA added that Siemens on Tuesday singed a separate MoU with Iran's National Gas Company to develop compressors and increase the existing system's output capacity." (Press TV, “Iranian, German companies ink MoUs on gas, oil,” 5/4/2016)

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"Siemens revised upwards its valuation of its backlog of orders from Iran on Wednesday, citing resurgent business prospects in the country following the easing of international sanctions. The German industrial group, present in Iran since it built the Indo-European telegraph in the 19th century, said the revaluation had boosted second-quarter revenue by 174 million euros ($200 million) and profit by 130 million euros. 'This is a one-off effect due to the resurgence of business expectations,' Chief Financial Officer Ralf Thomas told reporters on a conference call. 'The backlog can be worked through because the sanctions have been lifted.' The revaluation partially reverses a 2012 writedown of the value of its Iranian business after restrictions were tightened, causing a hit of 347 million euros to its profit. Munich-based Siemens maintained an office in Tehran throughout sanctions regimes imposed by the United Nations, United States and European Union over Iran's nuclear ambitions. Having reluctantly stopped all new business in Iran in 2010, it has been quick to seize opportunities since sanctions were eased in January and was the first major German company to agree a deal with Iran this year. Siemens signed memoranda of understanding in March on rail infrastructure and gas equipment projects potentially worth billions of euros, as well as an energy agreement with Iranian power and infrastructure group Mapna... Siemens stopped doing new business with Iran in 2010 but continued to service existing contracts as long as they did not contravene sanctions. Siemens had been slammed for selling telecoms equipment that was used to spy on dissidents in Iran." (Reuters, “Resurgent Iran prospects lift Siemens results,” 5/4/2016)

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"Islamic Republic of Iran Railways and Siemens signed a memorandum of understanding for potential co-operation in the rail sector in Tehran on January 6. A Siemens spokesman told Railway Gazette the company intends ‘to engage in talks on improving infrastructure in the rail sector as agreed by both parties’, and stressed Siemens was ‘strictly complying’ with legal requirements, particularly in the area of export controls." (January 6, 2016)

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The CEO of the Siemens' Power and Gas Division, Willi Meixner, presented at the Iranian Petroleum and Energy Club (IPEC) Congress, held in Tehran October 19-21, 2015. (IPEC Congress 2015 Program)

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"Iran is ready to carry out swap deliveries of Azerbaijan’s oil to the Persian Gulf region, the Iranian Oil Minister Bijan Namdar Zanganeh said. He made the remarks Aug. 4 in Tehran addressing a meeting with Azerbaijan’s Economy and Industry Minister Shahin Mustafayev... The minister also said Iran has extensive experience in the production of petroleum equipment. 'Iran is producing Siemens turbines. We are ready to cooperate with Azerbaijan in the joint manufacture of oil equipment,' he added. The minister said Iran is ready to produce oil equipment in Azerbaijan." (Trend, "Iran offers Azerbaijan to supply oil to Persian Gulf," 8/4/15)

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"'The Kaiser' [President Joe Keizer], in remarks television Bavarian Tuesday evening: 'We are talking here about 80 million people in need of power supply and also of course to health supplies and want to stand on their feet in the oil and gas sector. Here there are also opportunities and possibilities.'... 'I think it should not be hasty in this matter. Prudence is required here.'" (Standard Republic, "'Siemens': There are opportunities for our company to invest in Iran," 7/23/15)

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"Minister of Petroleum Bijan Zangeneh says Iran plans to splash out $180 billion to revive and renovate its oil, gas and petrochemical industries by 2022. Addressing an energy security summit in Berlin, the minister said Iran has always been a reliable energy supplier, adding the country wants to regain its position in the energy market... Zangeneh held important talks with German leaders, including Energy Minister Sigmar Gabriel on Thursday. The minister was reportedly set to hold more talks with energy giants, including Siemens, Linde and Lurgi, about the release of Iranian LNG equipment and parts seized by German companies under the European sanctions regime. According to Zangeneh, Germany was Iran's prime energy partner in the downstream oil industry as well as its petrochemical, refinery, turbines and industry parts sector before sanctions. The three energy companies have a history of two decades of operation in Iran's giant South Pars gas projects." (Press TV, Iran plans $180 billion energy investment, 5/7/15)

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"In downtown Tehran, the German electronics powerhouse Siemens AG opens and closes for business each day. But since 2010, no new business has been done there. 'You walk in the door and the staff will tell you, 'We are keeping the office open until the Iranian sanctions are lifted,'' says Michael Tockuss, managing board member of the German-Iranian Chamber of Commerce Association, in Hamburg, Germany. 'People forget that many companies, like Siemens, have a history with Iran that goes back more than 100 years. They stick to the rules, but they keep up the relationship.' For Big Oil, the payoff for keeping up the relationship could be enormous, which is why oil multinationals are discreetly, but assiduously, courting Iran's oil ministry... In recent months, traffic to Iran from Europe and the United States has doubled, says Sina Makki, chief executive of the Tehran office for HRG Worldwide, a British global travel company catering to business executives. 'We have seen a lot of executive delegations from Europe-Germany, Italy, France and also England-particularly from Frankfurt, which has direct flights to Iran. I have also been surprised by the number of people coming from the U.S. over the past two months,' he says. The executive delegations include oil companies, Makki told Newsweek, though he declined to name specific firms." (Newsweek, "Iran Is being Courted by European Business and Big Oil," 4/27/15)

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"Last week, Qorbani announced that Benz, Volkswagen, Volvo, Fiat, Rover, Skoda, Renault, Peugeot, Kia and Toyota would take part in the Iranian auto expo, adding that the US car-manufacturers would also join the event. 'In case of desirable conditions, General Motors and Ford companies will also attend the event.' He continued that some leading car parts makers, including Siemens, FORD Mendo, Busch, FRW and ACI would attend the gathering. The event will start work on December 10." (Fars News, "55 Giant Int'l Carmakers, Part-Makers to Participate in Iranian Auto Expo," 11/2/14)

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"At least five companies with U.S. government contracts were in Tehran last week to attend the Iran Oil Show, a several day conference that enables international corporations to hobnob with top Iranian officials and plan for a full return to Tehran’s lucrative energy market, according to an analysis of the 600 companies that attended the oil expo. At least 20 of the companies in attendance at the oil show maintain a U.S. presence or have contracts with the U.S. government, eliciting concern from watchdog groups that these companies could be helping Iran breach U.S. sanctions…The overwhelming attendance at this year’s Iran Oil Show—a reported 300 percent increase over past years—serves as another sign that the Obama administration’s recent rollback in sanctions on Iran has been viewed as a green light to reenter the Iranian marketplace…'It is a telling indication of the weakening of the international sanctions regime when firms with U.S. presence and U.S. government contracts openly publicize their attendance at an exhibition for Iran’s most heavily sanctioned sector,' said Matan Shamir, research director for the advocacy group United Against Nuclear Iran (UANI), which has been closely tracking and publicly admonishing those companies seeking to do business with Iran. Energy and electrical giant Siemens, which maintains a large U.S. presence, and the French energy company Total, which also has a large U.S. presence, were both reportedly in attendance. Siemens has received more than $3 billion in government contracts with the Department of Veteran Affairs, the Pentagon, and DHS, among others. Total has been awarded more than $2 billion in contracts with the Pentagon, DHS, and the Treasury Department. Other government contractors that attended the Iran Oil Show include: the manufacturing firm Leoni, which has had around $82,000 in government contracts; the industrial firm Nexans, which has had more than $157,000 in contracts; and pump manufacturer Nikkiso, which has had more than $118,000 in contracts.” (Washington Free Beacon, “U.S. Government Contractors Attend Iran Oil Show,” 5/14/14)

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"Iran's annual oil and gas fair opens in Tehran on Tuesday, with 600 foreign companies seeking to position themselves for a return to large-scale operations if international sanctions are lifted…Regional representatives from France's Total and the German conglomerate Siemens are among 600 foreign companies registered for the International Oil, Gas and Petrochemical Refining Exhibition, according to government officials. The number is three times higher than in 2013, Nematollahi Akbar, a spokesman for Iran's Oil Ministry, told AFP, noting that 1,200 Iranian firms will attend, up 50 percent. ‘Total and Siemens will be represented by their regional officials and Chinese companies are present this year,’ Akbar said.” (AFP, “Iran tests foreign interest with oil fair,” 5/6/14)

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"When it comes to U.S. sanctions on Iran, no detail is too small to overlook these days. Since February, publicly traded companies have filed nearly 500 disclosure forms about their business ties to Iran…Not all of the disclosures are trivial. On Nov. 27, for example, Siemens reported that a French affiliate had fixed a smoke alarm on an Iranian passenger plane — but also disclosed that it sold 23 diesel electric locomotives worth $56 million to an Iranian firm that resold them to the state-owned railway." (Washington Post, "Under new law, companies disclosing even tiniest dealings with Iran," 12/4/13)

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"While Western powers have identified a small group of sectors for Iranian sanction relief, a much wider set of European and U.S. companies—from pharmaceutical firms and medical-equipment makers to food companies and traders—also stands to regain lost Iranian trade as soon as relief measures are formally adopted next month…Siemens AG, meanwhile, may now also be able to send in more medical devices…German industrial company Siemens said in U.S. Securities and Exchange Commission filings covering the fiscal year ended Sept. 30 that it realized sales into Iran of €49.8 million in the period, of which €7.5 million were from cancer scanners and other medical equipment. It said, though, it was forced in 2012 to halt new business for its health-care divisions and other sectors in Iran, and would only fill existing orders. It cited tightening financial sanctions and Iran's economic crisis as making it harder to get paid. A Siemens representative said it 'doesn't want to speculate about possible outcomes [of the nuclear pact] and their implications.'" (Wall Street Journal, "Iran Deal Opens Door for Businesses," 12/1/13)

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"The drone that penetrated deep into Israeli airspace nearly two weeks ago was manufactured in Germany by Siemens and Bockstiegel, and purchased by a fictitious Iranian company that was a front for Iran’s Islamic Revolutionary Guard Corps (IRGC), the Lebanese newspaper Al-Jumhuriya reported on Wednesday. According to the report, Siemens manufactured the drone’s camera and remote control parts while Bockstiegel, which produces ships, provided light metal parts." (The Times of Israel, "Hezbollah drone reportedly manufactured in Germany," 10/17/2012)

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"A year after German engineering giant Siemens AG pledged to retreat from Iran under international pressure, it is grappling with a thorny problem: a big jump in revenue in the Islamic republic. Siemens has kept a promise not to pursue new projects in Iran. But its existing contracts there underscore how international efforts to curb Tehran's nuclear ambitions have had only limited impact on the state's ability to draw on the technology and expertise it needs to maintain its broader infrastructure. The company's Iranian business also shows how Tehran depends on a powerful tool to maintain its commercial ties to foreign companies. The rules that govern international commerce make it tough for Siemens to sever ties with Iran even if it wanted to. 'Otherwise we could be accused of breaching contracts and face compensatory damages,' Siemens CEO Peter Löscher said at the company's shareholder meeting in January. The U.S. State Department and the European Union declined to comment on Siemens' business in Iran. In Siemens' last fiscal year, which ended Sept. 30, the company's revenue in Iran rose more than 20% to about €680 million ($967 million) from the year before and more than 50% over a two-year period, said people familiar with the matter. Revenue for this year is still unclear." (The Wall Street Journal, "Siemens' Business Surge in Iran," 4/5/11)

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Over the last three presidential administrations, the United States government has granted Siemens 50 special licenses to do business in Iran. (New York Times, "Companies with Permission to Bypass Sanctions," 12/24/10)

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"This license authorized the company to export ultrasound equipment to Iran; the names of the purchasers were redacted by OFAC." (New York Times, "Licenses Granted to U.S. Companies Run the Gamut," 12/24/10)

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"Nokia-Siemens Networks on Wednesday, June 2 admitted its share of the blame for Iran's brutal crackdown on anti-government demonstrators last year after selling mobile phone surveillance to the authoritarian regime.

The Finnish-German telecoms joint venture was at the centre of an ethics controversy last year when it emerged that it had supplied surveillance technology to two Iranian mobile phone operators. The technology was used to track down dissidents amid the mass protests following the contested re-election of President Mahmoud Ahmadinejad in June 2009.

Apart from the crackdown on demonstrators, which saw 36 confirmed deaths, Iranian authorities blocked websites such as Twitter and Facebook, jammed and tracked cell phone calls and text messages. They used the so-called monitoring centre acquired from Nokia-Siemens in 2008 to carry out the work."

(Businessweek.com, "Nokia-Siemens Rues Iran Crackdown Role," 6/3/2010)

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"Siemens, a sprawling conglomerate involved in everything from engineering to health care, entered the Iranian market in 1974. In 2008, Nokia-Siemens, a joint-project with Finnish telecom Nokia, provided Iran's state-owned telecom company with technology that allowed it to intercept the internet communications of its citizens. The sale prompted controversy, though the technology is also required by Western countries. Siemens, separate from Nokia-Siemens, also is a large federal contractor and received several contracts stemming from the Obama administration's economic stimulus package while operating in Iran. In February, Siemens announced it would pull out of Iran." 

From 2000-2009, the company was a recipient of $.3.2 billion US federal funds.  They have withdrawn their business investments in Iran.  (The New York Times, "Profiting from Iran, and the US," 3/6/2010)

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"German engineering conglomerate Siemens (SIEGn.DE) said on Tuesday it would reject any further orders from Iran as world powers consider imposing wider sanctions on Tehran over its disputed nuclear activity...

Siemens, which is Europe's biggest engineering conglomerate, was aware of the sensitivities attached to doing business in Iran, Chief Executive Peter Loescher said. 'Some time ago, we reduced our business activities with customers in Iran,' Loescher said, responding to questions at a shareholders meeting.

 The Siemens board decided at the start of October not to agree to any further orders with customers in Iran, he added, noting, however, that existing orders would be fulfilled.Loescher said there were still bids submitted by Siemens before October 2009. If they were not accepted, it would mean new business in Iran would end by mid-2010.

 Siemens, which makes high-tech machinery as well as domestic appliances, generates an annual 500 million euros ($704.5 million) in sales from Iran, which last year represented 0.7 percent of the firm's overall sales." (Reuters, "Siemens Says to Reject New Orders from Iran," 1/26/10)

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Through 2010, Siemens signed key oil and gas-related contracts with Iran. In April 2010, the Tehran Times reported that Siemens signed a contract with the Lordegan Petrochemical Company of Iran to manufacture equipment for its petrochemical complex. 

 Prior to that, Siemens reportedly signed a $1.44 billion deal to build 100 gas turbo-compressors for the National Iranian Gas Company. (AFP, “Iran in billion-euro gas deal with Germany" 1/20/10).

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In correspondence with the SEC in March 2009, Siemens revealed:

At present, we have direct or indirect majority ownership interests in three Iranian subsidiaries, and minority ownership interests (20% and 4.9%, respectively) in two Iranian companies. In Iran, we are mainly engaged in providing goods and services to organizations in the public power generation, power transmission, public transportation and healthcare fields. The main part of our business in Iran is conducted by our Energy Sector, although we also have some activity in our Industry Sector and, to a much smaller extent, our Healthcare Sector. Unsurprisingly, given our business focus, much of our business in Iran is for government-controlled agencies and enterprises. We estimate that, in fiscal 2008, approximately 80% of our EUR 438 million in sales in Iran came from the Iranian government or entities controlled by it, with most of those sales in the Energy Sector. In the Energy Sector, we offer gas and steam turbines and generators, with an emphasis on combined cycle gas and steam power plants that serve the public electricity grid. We supply products and solutions for the production, transport and processing of oil, gas and water, which are used in the oil and gas industries as well as other industries.

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"Iranian and German transportation ministers have signed six contracts for promotion of cooperation in marine, road and railway transportation. The first document, signed by Iranian Ministry of Roads and Urban Development and German Ministry of Transportation, concerns comprehensive transportation cooperation, the second document concerns joint statement for cooperation between the two ministries in ports and navigation. The third document foresees educational cooperation between Iranian Ministry of Roads and Urban Development and German Siemens Company, and the fourth protocol forecasts cooperation between Iranian Railway Company and German Thales Group. Furthermore, the fifth document was signed by Iranian Railway Company and German Siemens Company for cooperation in connection with signaling of Isfahan-Shiraz and Kerman-Zahedan axes, and the final document concerned cooperation between Iran’s Railway Company and German Siemens Company in raising speed of transportation on the Tehran-Tabriz axis." (SHANA, "Iran, Germany Sign 6 Transportation Documents," 10/24/2016).

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"Germany's Siemens signed a contract to upgrade Iran's railway network on Monday, one of several deals agreed by German firms during a two-day visit to Tehran by Economy Minister Sigmar Gabriel... Siemens said it will supply components for 50 diesel-electric locomotives to Iran. It did not disclose the value of the contract, but based on comparable deals, it could be in the low hundreds of millions of euros." (Reuters, "Siemens signs Iran rail contract as Germany drums up business," 10/3/2016).