LyondellBasell to end business in Iran - report

25 August 2010 08:58  [Source: ICIS news]

IranLONDON (ICIS)--LyondellBasell will end its business operations in Iran to avoid possible US trade violation penalties, a company spokesman told the Wall Street Journal on Wednesday.

The plastics manufacturer had taken the decision earlier this month, David Harpole told the US daily.

He told the paper that LyondellBasell’s decision meant the company would stop all licensing of its proprietary technology and services to Iranian petrochemical companies.

Harpole added that the move would be “immaterial” to LyondellBasell’s overall operations.

The company would also be ending its business in Syria and Sudan, which are covered by US sanctions, the paper said.

The US government has said it could soon impose sanctions or warn companies from Europe and Asia over violations of sanctions against Iran.

Iran’s petrochemical industry is heavily reliant on European companies to provide them with engineering services and technology.

LyondellBasell exited bankruptcy protection in April, and may be keen to avoid any legal issues.

A company spokesperson based in Germany declined to comment further.

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By: Hilde Ovrebekk
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