LyondellBasell ending Iran operations

August 24, 2010 7:00:22 PM PDT
LyondellBasell Industries will end all operations in Iran.

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.


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