Lyondell Basell Industries, the world’s largest polyolefin’s maker, is ending its business relationships in Sudan, Iran and Syria.
The company spokesman David Harpole said the decision is the result of a business review that began more than a year ago, and was affected by both an increased number of American executives on Lyondell Basell’s management team and by the firm’s upcoming listing on the New York Stock Exchange, plastic website reported.
Mr. Harpole said the company’s new management team began a review of the portfolio, and decided that they need to do business differently going forward.
LyondellBasell’s business in Iran, Sudan and Syria largely consists of licensing technology to companies that make polypropylene and other products in the region. The firm’s Spheripol-brand PP technology is the world’s most widely used. LyondellBasell declined to provide details of its business relationships or to identify specific licensees.