Hyundai Heavy Industries
Date: September 1999 – June 2001
Deal: An industry publication reported that TotalFina awarded a pipeline installation subcontract to Hyundai Heavy Industries in September 1999 for its South Pars project. “Hyundai will be responsible for installing twin undersea pipelines that will extend from the gas field to the port of Assluyeh on the mainland.” The project is expected to cost $110 million and be completed by April 2001 (WWP - Business Opportunities in Africa & the Middle East, October 1, 1999).
According to Hyundai’s website, the equipment was delivered in 2000 (Hyundai Heavy Industries Website, accessed June 25, 2010).
Hyundai reported on its website that it completed the project in June 2001 (Hyundai Heavy Industries Website, accessed June 25, 2010).
Date: September 2000 - March 2002
Deal: According to Hyundai’s website, the company helped Royal Dutch Shell to build an offshore platform and pipeline for the Soroosh-Nowrooz EPIC-1 project in Iran between September 2000 and March 2002 (Hyundai Heavy Industries Website, accessed June 25, 2010).
Date: September 2005 - Ongoing
Deal: Bloomberg reported that Hyundai Heavy Industries and Daewoo Shipbuilding & Marine Engineering won $1 billion in a contract in September 2005 from the National Iranian Oil Tanker Company (NITC) to build 10 oil tankers for Iran. NITC "plans to order another 35 vessels to be built by 2010, including 10 LNG carriers, a more complex ship that costs almost twice as much as crude-oil tankers" (Bloomberg, September 5, 2005).
Date: October 2007 - Unclear
Deal: According to a company press release, Hyundai received a $54 million order in October 2007 from the National Iranian Oil Engineering and Construction Company (NIOEC) for refinery equipment. The order was slated to be delivered by March 2010 (Hyundai Heavy Industries Press Release, October 2, 2007).
Deal: According to Hyundai’s website, it delivered equipment in 2010 for the Arak refinery. The website lists NIOEC as the client (Hyundai Heavy Industries Website, accessed June 25, 2010). It is unclear if this delivery came from NIOEC’s $54 million order placed in October 2007 listed above.
U.S. Business Ties: Hyundai Heavy Industries’ website lists Offshore and Engineering Division offices in New Jersey, Houston, and Orlando responsible for some of their American business (Hyundai Heavy Industries Website, accessed June 25, 2010).
Additionally, Hyundai Heavy Industries has an American subsidiary, Hyundai Construction Equipment Americas, according to the company website (Hyundai Construction Equipment Americas Website, accessed June 25, 2010).
According to its website, Hyundai sells platform equipment and drilling facilities to U.S.-based companies such as Exxon and Texaco for American offshore oil projects (Hyundai Heavy Industries Website, accessed June 25, 2010).
According to USASpending.gov, Hyundai Heavy Industries won $3,172,279 worth of federal contracts between 2005 and 2008, including large contracts from the Department of Defense and Department of Energy (USASpending.gov, accessed June 25, 2010).
According to USASpending.gov, Hyundai Heavy Industries won 951,570 worth of federal contracts between 2011 and 2012, including contracts from the Department of Defense (USAspending.gov, accessed June 23, 2014).
Last Updated: August 20, 2014