LyondellBasell sees no financial impact from Iran, Syria pull-out

25 August 2010 14:13  [Source: ICIS news]

TORONTO (ICIS)--LyondellBasell does not expect its withdrawal from business with Iran, Syria and Sudan to have any sizeable financial impact on the company, a spokesman said on Wednesday.

“We do not anticipate any material impact,” company spokesman David Harpole told ICIS.

The withdrawal primarily affected the licensing of technologies to produce plastics. That business was conducted by non-US LyondellBasell subsidiaries, he said.

Harpole was commenting an a report in the Wall Street Journal that said the company would stop all licensing of its proprietary technology and services to Iranian petrochemical companies.  

LyondellBasell began the process of cutting business ties with Iran, Syria and Sudan almost a year ago, Harpole said.

“Last year, a decision was made not to undertake any new business in Iran, and then earlier this year the decision was made to withdraw from all business in that country, and other sanction countries,” he said.

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

In related news this week, the Nabucco natural gas pipeline consortium said it would shelve plans to link that planned project to a feeder line from Iran due to the country's political situation and international trade sanctions.

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By: Stefan Baumgarten
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