LyondellBasell terminating Iran, Syria, Sudan operations
Polyolefin supplier LyondellBasell Industries NV is terminating all its operations in Iran, a country l...
Polyolefin supplier LyondellBasell Industries NV is terminating all its operations in Iran, a country long subject to U.S. government sanctions.
The Netherlands-based company also will cease all business with Syria and Sudan.
LyondellBasell’s decision means it will stop all licensing of its proprietary technology and services to Iranian petrochemical companies, which have depended heavily on technology from European concerns to produce plastics and other high-value products derived from natural gas.
Much of the company’s business in the three countries involves licensing technology for plastics production.
LyhondellBasell joins a growing list of companies—including many of Iran’s gasoline suppliers—that have cut business ties with Iran. They include Royal Dutch Shell PLC, which halted gasoline sales, and Toyota Motor Corp., which suspended car exports.