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FACTBOX-Foreign companies stepping away from Iran

Posted by Zand-Bon on Jun 29th, 2010 and filed under International Companies in Business with Iran, Sections. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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June 28, 2010

Spain’s largest oil company Repsol (REP.MC: ) has pulled out of a contract it won with Royal Dutch Shell (RDSa.L: ) to develop part of the South Pars gas field in Iran, a spokesman said on Monday [ID:nLDE65R0JE].

A growing number of oil companies, trading houses and other international companies have stopped doing business with Iran this year amid a U.S. drive to isolate Tehran and international efforts to impose tougher sanctions.

Here are some of the companies:

* Repsol (REP.MC: ) has pulled out of a contract it won with Royal Dutch Shell (RDSa.L: ) to develop part of the South Pars gas field in Iran.]

– Separately, French oil group Total (TOTF.PA: ) said it had suspended sales of refined products to Iran. It said in April would cease gasoline sales to Iran if the United States passed legislation to penalize fuel suppliers to Iran. Congress passed legislation last week. [ID:nnN24148251]

* Italy’s oil and gas major Eni (ENI.MI: ) is handing the operation of Darkhovin oilfield in Iran to local partners to avoid U.S. sanctions, Eni told U.S. authorities on April 29. [ID:nLDE63S0XT]

* Russian oil major LUKOIL (LKOH.MM: ) will cease gasoline sales to Iran, industry sources said on April 7, following a similar decision by Royal Dutch Shell (RDSa.L: ) in March. LUKOIL had supplied some 250,000 to 500,000 barrels of gasoline to Iran every other month, traders said. [ID:nLDE636061]

* Malaysia’s Petronas has stopped supplying gasoline to Iran, a company spokesman said on April 15. [ID:nSGE63E09V]

* Luxury carmaker Daimler (DAIGn.DE: ) announced plans on April 14 to sell its 30 percent stake in an Iranian engine maker and freeze the planned export to Iran of cars and trucks. The announcement followed similar action by German insurers Munich Re (MUVGn.DE: ) and Allianz (ALVG.DE: ). [ID:nLDE63C0TG]

* India’s largest private refiner, Reliance Industries (RELI.BO: ), will not renew a contract to import crude oil from Iran for financial year 2010, two sources familiar with the supply deal said on April 1. [ID:nSGE630033]

* Oil trading firms Trafigura and Vitol are stopping gasoline sales to Iran, industry sources said on March 8. [ID:LDE627129]

* Ingersoll-Rand Plc (IR.N: ), a maker of air compressors and cooling systems for buildings and transport, said it will no longer allow subsidiaries to sell parts or products to Tehran. [IDnN09245639]

* Oilfield services company Smith International (SII.N: ) said on March 1 it was actively pursuing the termination of all its activities in Iran. [ID:nN01116545]

* 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.   Continued

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


* 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 (). 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] (Writing by David Cutler, London Editorial Reference Unit, and Ross Colvin in Washington;)

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