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GS Group

GS Group

Industry: 
Energy
Symbol: 
SEO:078930
Country: 
South Korea
Sources: 

 

“A group of top Korean business tycoons -- including SK Group chairman Chey Tae-won, GS Group chairman Huh Chang-soo and LS Group chairman Koo Cha-yol -- flocked to the promising Iran market Monday in an attempt to explore new business opportunities in many sectors ranging from energy to infrastructure construction... GS Group is eyeing Iran’s energy and construction sectors for a business bonanza... In contrast with the cautious approach of corporates about striking business deals in a new market full of uncertainties, the Korean government was confident that trade and investment with Iran will be lifted to the pre-sanction levels. 'The two heads of state agreed on cooperation and exchanges both in economic and noneconomic areas,' Cheong Wa Dae said in a statement released after the historic summit meeting between President Park and her Iranian counterpart Hassan Rouhani. In the economic sector, private and public corporate delegation members are expected to sign memoranda of understanding for 66 infrastructure-related construction projects ranging from rails to power plants to hospitals. In return for hiring Korean contactors, Seoul has a plan to increase its daily crude imports from Iran to around 280,000 barrels from 115,000 barrels last year.” (The Korea Herald, “Tycoons in search of growth in Iran,” 5/2/2016)

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"South Korea's GS Engineering & Construction Group said on Thursday that it has called off a 1.42 trillion won ($1.2 billion) gas project in Iran following sanctions on the Middle East nation.    The company said in a filing to a regulatory agency that it it had cancelled on Wednesday the contract to sweeten gas from the South Pars field in Iran, signed with the Pars Oil and Gas Company (POGC) last October." (Reuters, "S.Korea GS E&C Says Scraps $1.2 bln Iran Gas Deal," 7/1/2010)

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"Iran's official news agency says Iran and a South Korean company signed a billion dollar agreement on refining natural gas. Tuesday's report by IRNA says the state-owned Pars Gas and Oil Company and South Korean GS Company signed the euro1.24 billion -- about $1.83 billion -- deal on Monday night. The project, to be completed in four years, will refine 3.9 billion square feet of natural gas per day to feed Iran's domestic consumption. Iran is the world's second largest owner of natural gas resources but routinely struggles with gas shortages during winter because it lacks sufficient facilities to capture and distribute the gas to market. Dozens of people died in rural areas because of lack of heating gas when a cold winter snap hit the country in 2007." (Business Week, Iran, South Korea sign euro1.24 billion gas deal," 10/13/09)

Response: 

GS Group has decided to cancel its billion dollar gas project in Iran following passage of UN and US Sanctions.