FACTBOX-Foreign companies step away from Iran

Fri Jul 23, 2010 9:37pm IST

Related Topics

Stocks

   

* Caterpillar (CAT.N), the world's largest maker of construction and mining equipment, said on March 1 it had tightened its policy on not doing business with Iran to prevent foreign subsidiaries from selling equipment to independent dealers who resell it to Tehran. [ID:nN01245727]

* German engineering conglomerate Siemens (SIEGn.DE) said in January it would not accept further orders from Iran. [ID:nLDE60P1LJ]

* Glencore GLEN.UL ceased supplying gasoline to Iran in November 2009, according to traders. [ID:nSGE60A0CF]

* Chemical manufacturer Huntsman Corp (HUN.N) announced in January that its indirect foreign subsidiaries would stop selling products to third parties in Iran.

* Accounting giants KPMG KPMG.UL, PricewaterhouseCoopers, and Ernst & Young have declared themselves free of any business ties to Iran.

STILL DEALING WITH IRAN

* China is in talks with Iran to use the Chinese yuan to settle transactions of oil and projects. [ID:nTOE66M03F]

* Many oil refiners outside the United States still buy Iranian crude oil.

* Russia is building Iran's first nuclear power station near the Gulf port city of Bushehr, and Russian officials say the reactor at the plant will be started up within months. Russia says the $1 billion Bushehr reactor is purely for civilian electricity supply and Iran will have to return all spent nuclear fuel rods to Russia under the deal.[ID:nLDE66K0C0]

* The website of New York-based lobby group United Against Nuclear Iran lists scores of companies it says still do, or have done, business with Iran (here).

* The list includes companies that have severed links with Iran.

* The U.S. Government Accountability Office reported in April that 41 foreign companies were involved in Iran's oil, natural gas and petrochemical sectors from 2005 to 2009. In a report in May, the GAO said seven of those companies received U.S. government contracts worth nearly $880 million.

* These were: Daelim Industrial Company of South Korea; Eni; PTT Exploration and Production of Thailand; Hyundai Heavy Industries of South Korea; and GS Engineering and Construction of South Korea.

* Russia's Gazprom (GAZP.MM) confirmed in March it was in talks with Iran on developing the Azar oil field.

* Pakistan's foreign ministry said on June 10 that a $7.6 billion project for export of Iranian natural gas to Pakistan would be unaffected by the imposition of fresh U.N. sanctions [ID:nSGE6590G7]

(Compiled by David Cutler, London Editorial Reference Unit, Ross Colvin in Washington, Simon Webb in Dubai and Ikuko Kurahone in London; Editing by Jane Baird)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Shares Hit Record

Sensex, Nifty rise to second consecutive record high

Sensex surges 500 points on BOJ easing, L&T gains

The BSE Sensex and Nifty surged to record highs for a second consecutive session on Friday after Bank of Japan's surprise expansion of its massive stimulus programme raised hopes for additional foreign inflows, boosting blue-chips such as Larsen & Toubro.  Full Article 

REUTERS SHOWCASE

Wilful Negligence?

Wilful Negligence?

SEBI piles pressure on Sahara to sell overseas hotels  Full Article 

Indian Economy

Indian Economy

India's fiscal deficit in H1 almost 83 pct of full-year target.  Full Article 

M&M Earnings

M&M Earnings

M&M Q2 net profit down 4 percent, hit by poor monsoon.  Full Article 

Ban on E-Cigs?

Ban on E-Cigs?

Govt considers ban on e-cigarettes, sale of single smokes.  Full Article 

Commodities

Commodities

Silver futures in India hit four-year low on global cues.  Full Article 

BOJ Policy

BOJ Policy

BOJ shocks markets with surprise easing as inflation slows.  Full Article 

Shadow Banking

Shadow Banking

China's shadow banking sector growing rapidly, third largest in world - FSB.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage