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Value of USG Contracts:
"Shell and UOP LLC, a unit of U.S.-based Honeywell International Inc., were among the companies named in the report published today by the state-run news agency." (Bloomberg, "Shell, UOP Among Companies Put on Blacklist by Iran, Mehr Says," 1/6/2012)
"A pressure group, United Against Nuclear Iran (UANI), is urging industrial conglomerate Honeywell International Inc to stop selling security technology to Iran, the group said on Thursday.
Honeywell security products can be used for surveillance of oil pipelines and nuclear reactors, UANI said in a letter faxed to Honeywell it provided exclusively to Reuters.
The sale of security technology, via a British subsidiary, violates company guidelines for business conduct, UANI said, adding it may sue or pressure the New York Stock Exchange to delist Honeywell if the company continues operations in Iran.
In response, Honeywell said it made a commitment not to undertake new projects in Iran, but is fulfilling its contractual obligations in accordance with U.S. and EU laws and regulations.
'Should the U.S. Congress pass a law that prohibits subsidiaries of U.S. companies from doing business in Iran, Honeywell will comply fully as it does with all other laws in the countries in which it operates,' the company said in a statement.
Honeywell shares were up 0.5 percent at $45.49 in afternoon trading on the New York Stock Exchange.
TARGETING IRAN'S OIL INDUSTRY
New York-based UANI has pressured industrial companies to stop serving Iran's energy sector. The group has said Ingersoll-Rand Plc, General Electric Co, Huntsman Corp and Caterpillar Inc have agreed to sever ties with Iran.
'In the face of overwhelming bipartisan support in the U.S. Congress to economically isolate Iran's oil and natural gas industry, Honeywell continues to make key contributions to the development of Iran's oil industry,' UANI President Mark Wallace said in a letter to Honeywell Chairman and CEO David Cote.
UANI said Honeywell regulatory filings have provided "zero disclosure" about dealings with Iran.
The group's website lists 200 companies targeted over their dealings with Iran, which it argues is developing a secret nuclear weapon and sponsors terrorism.
Its list includes names such as Royal-Dutch Shell Plc, Hewlett-Packard Co, Advanced Micro Devices Inc and Coca-Cola Co. (Reuters, "U.S. Group Targets Honeywell Over Iran," 4/8/10)
"Honeywell acquired 100 percent ownership of Universal Oil Products (UOP), based in Des Plaines, Ill., in 2005. UOP has a British subsidiary that conducts business in Iran; it is part of a consortium with Axens, Technip, Sinopec Engineering Inc. and several Iranian firms that is expanding and upgrading the Arak Refinery in Iran. The project, budgeted to cost $3.7 billion, could nearly triple gasoline production, from 34,000 to 100,000 barrels per day, according to various news reports and FACTS Global Energy, an expert in the industry. Honeywell is a top federal contractor, and UOP recently won a $25 million grant to help develop renewable energy sources. In a statement, the company said that in early 2009 it committed to the State Department that it would not undertake any new projects in Iran, but that it is fulfilling its contractual obligations relating to the Arak refinery. 'Should the U.S. Congress pass a law that prohibits subsidiaries of U.S. companies from doing business in Iran, Honeywell will comply fully,' the statement said." From 2000 through March 2010, Honeywell has been the recipient of $12.9 billion in U.S. federal funds. (The New York Times, "Profiting from Iran, and the U.S.", 3/6/10)
- UANI Letter to Honeywell: "Honeywell and Surveillance Projects in Iran" (April 8, 2010)
- Press Release: UANI Calls on Honeywell to End Its Business in Iran (April 8, 2010)