Itochu Corporation

Japan

 

Itochu lists a global branch in Tehran on its website. The Iranian branch operates under the name Itochu Iran Co. Ltd. (Itochu Website, accessed July 11, 2013).

Prior to 2012, the company imported crude oil from Iran, according to Reuters (Reuters, June 18, 2010). In a December 2012 article on Asian importers of Iran crude, Reuters reported that Itochu had not imported any oil from Iran from January 2012 to October of that year. Information on imports from October to December of 2012 was not available in the report (Reuters, December 6, 2012). (Accessed via Factiva)

Date: 2003 - Unclear

Deal: According to ICIS, Itochu was engaged in talks with Iran’s National Petrochemical Company (NPC) in September 2003 regarding a possible investmentin a high density polyethylene (hdPE) facility in Assaluyeh (ICIS, September 9, 2003).

Date: 2005 - Unclear

Deal: The Japan Times reported in June 2005 that Itochu had entered into a joint venture partnership with two Thai firms, Siam Cement Public Company and PTT Public Company, and Iran’s state-run National Petrochemical Corporation (NPC) to produce polyethylene in Iran. Itochu and the two Thai firms would provide 60 percent of the investment while Iran’s NPC would provide the rest. The deal was reportedly worth 25 billion yen (The Japan Times, June 3, 2005).

Itochu announced that the firm would have a 12 percent stake in the joint venture and would also serve as the project developer. In its role as project developer, Itochu would be responsible for “coordinating contractual negotiation, and arranging finance for the project, with the close cooperation with the remaining parties” (Itochu Website, July 2, 2005). The current status of the project is not clear.

Ties to U.S. Business: According to the Federal Procurement Database, Itochu Corporation has received over $25 million in federal government contracts through its subsidiaries since 1985 (Federal Procurement Database, accessed July 9, 2014).

Last Updated: July 9, 2014