FACTBOX-Foreign companies step away from Iran

* 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
(http://www.unitedagainstnucleariran.com/).

* 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]

Investing Research

(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)

FACTBOX-Foreign companies step away from Iran