30 March 2010 01:41 [Source: ICIS news]
SAN ANTONIO (ICIS news)--The chief executive of Huntsman said on Monday he had mixed feelings regarding his decision to end sales into Iran, but the country’s foreign policies made continued shipments there untenable.
Huntsman announced in January that its indirect foreign subsidiaries that had been selling products to third parties in Iran would discontinue doing so and would exit any contractual arrangements there as quickly as legally possible.
The company said in January that while “such sales have been done in full compliance with US law, it was determined that the small amount of business done there does not justify the reputational risk currently associated with doing business with entities located in Iran, due to the growing international concern over the policies of the current regime there”.
Chief Executive Peter Huntsman said Iran’s aggressive foreign policies and open support of terrorism propelled him to decide to sever connections with Iran, but added sales of Huntsman products in Iran made up a small fraction percent of the company’s overall sales.
However, “I don’t think that [trade] sanctions are a good diplomatic policy,” he added on the sidelines of the International Petrochemical Conference. “By not doing trade with Iran are we hurting people that are reaching out for western business?”
Hosted by theNational Petrochemical & Refiners Association (NPRA), the International Petrochemical Conference continues through Tuesday.
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