LyondellBasell Pulls Out Of Iran

LyondellBasell Industries is withdrawing from business with firms in Iran, Syria, and Sudan because of U.S. sanctions against those countries. “LyondellBasell is committed to compliance with all applicable sanctions, laws, and regulations imposed by the U.S.,” spokesman David Harpole says. The company’s business with Iranian firms entails mostly licenses for polypropylene and polyethylene technology and sales of related catalysts. Most of the original contracts were inked by LyondellBasell predecessor Basell Polyolefins. Basell, which purchased Lyondell in late 2007, was run by European managers. However, the combined company emerged from bankruptcy earlier this year with Americans in senior management and on its board. It anticipates listing soon on the New York Stock Exchange.