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LyondellBasell to Discontinue Doing Business in Iran

3:04 AM MDT | August 25, 2010 | Natasha Alperowicz

LyondellBasell, which is in the process of listing on the New York Stock Exchange, says it will no longer do business in Iran. The company has in the past been heavily involved in licensing in that country. It has supplied several technology licences for polyethylene production, mainly to National Petrochemical Co. (NPC; Tehran) and its subsidiaries. The latest move is in response to U.S. trade sanctions against Iran. The board of LyondellBasell has approved a decision to discontinue the company's business in Iran "after months of deliberation,"...

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