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Fuel maker Sasol reviewing Iran operations, no plans for further growth world's top maker of motor fuel from coal is reviewing its investment in the shadow of risk that sanctions may be imposed on the company
South Africa's Sasol, the world's top maker of motor fuel from coal, said it is reviewing its investment in Iran, which is facing sanction over its nuclear program, and has no plans for further growth in the country. Sasol said in a filing to the U.S Securities and Exchange Commission last week there was a possible risk that sanctions may be imposed on the company by the United States, the European Union and the United Nations as a result of its investments in Iran. "We have initiated a review of our activities in and with Iran. We do not currently intend to expand such activities,' Sasol said in the filing seen by Reuters on the SEC website. Sasol has a 50 per cent stake in Arya Sasol Polymer company, a joint venture with Pars Petrochemical Company of Iran. The venture produces ethylene and polyethylene, which are used in the production of plastics. The UN has imposed four sets of sanctions on Iran since December 2006 to step up pressure over its nuclear programme, which Tehran says is for peaceful purposes but the United States and its allies fear is aimed at producing nuclear weapons. The United States and the EU have also imposed their own unilateral sanctions on Iran, seeking to target individuals and industries they believe are playing a role in furthering Iran's nuclear ambitions. Sasol said it continues to evaluate the risks and implications of the sanctions on its investments in Iran. "However, we cannot assure you that as a result of these sanctions our activities in Iran would not be adversely impacted and that there would not be a material adverse impact on our business, operating results, cash flows and financial condition," it said.
