LyondellBasell ending Iran operations
WASHINGTON
The big European-based plastics maker has had some non-U.S.
subsidiaries doing business in Iran, despite long-standing U.S.
government sanctions.
A LyondellBasell spokesman in Houston says the company also will
cease all business with Syria and Sudan, where it had more limited
operations, David Harpole says the company is seeking approval from
U.S. regulators to allow employees who are U.S. citizens to remain
in the countries for a time to help unwind the activities.
President Barack Obama signed a bill last month imposing tough
new sanctions against Iran over its alleged nuclear weapons
program. The new law targets exports of gasoline and other refined
petroleum products to Iran. It also bans U.S. banks from doing
business with foreign banks that provide services to Iran's
Revolutionary Guard. Penalties against companies violating the
sanctions could follow.
