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:

Politics

REUTERS SHOWCASE

Fund Raising

Fund Raising

Flipkart raises $700 million in fresh funding.   Full Article 

Reforms Push

Reforms Push

Modi may order insurance, coal reforms if vote delayed - officials.  Full Article 

Reuters Exclusive

Reuters Exclusive

India looks to sway Americans with nuclear power insurance plan  Full Article 

To Boost Growth

To Boost Growth

Crank up public spending to revive growth - chief economic adviser.   Full Article 

Bold Steps

Bold Steps

SpiceJet rescue plan marks bold bet on Indian aviation recovery.   Full Article 

New Airline

New Airline

Tata, Singapore Air venture Vistara to take off on Jan 9.  Full Article 

Online Sales

Online Sales

Knock knock. Who's there? Amazon's best-selling holiday author.  Full Article 

Hacking Attack

Hacking Attack

N.Korea says did not hack Sony, wants joint probe with U.S.  Full Article 

Reuters Poll

Reuters Poll

BSE Sensex to hit 32,980 by December 2015  Full Article 

Reuters India Mobile

Reuters India Mobile

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