Faced with the threat of activist pressure from United Against Nuclear Iran and sanctions worldwide, multinational corporations have been spurred to halt their business operations in Iran.
By the close of 2010, companies representing all nations and sectors have ended their Iran business. A severe lack of foreign direct investment coupled with the increasing cost of imports is removing the last crutch of Iran’s faltering economy.
UANI has compiled a list of corporate announcements regarding divestment from Iran:
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March 24, 2011
In response to UANI’s campaign, American construction conglomerate Terex announced it had ended its business in Iran and pledged to earn no future revenues from any of its previous contracts there.
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March 23, 2011
The Austrian oil and gas group OMV announced that its fuel supply contract with Iran’s state airline, Iran Air, expired on March 23 and would not be renewed. As a result, Iran Air planes can no longer refuel at Vienna’s airport.
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March 9, 2011
In response to UANI’s campaign, Turkish automaker Karsan announced it had ceased its business in Iran and would refrain from further business there. Karsan is competing to be New York City’s exclusive taxi cab for the next decade in the Taxi of Tomorrow competition.
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December 20, 2010
News sources reveal that Italian bank Intesa SanPaolo has suspended financing, Iranian oil trading deals, "becoming the last Italian bank to bow to pressure from the United States to cut ties with the Islamic Republic."
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December 14, 2010
In response to UANI’s campaign, American chemicals giant Transammonia ceases its business in Iran. Transammonia had been purchasing natural gas-based ammonia from Iran.
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December 10, 2010
In response to UANI’s campaign, Japanese construction conglomerate Komatsu ceases all its business in Iran. Komatsu's business in Iran enabled the sale, assembly and manufacture of construction equipment that has been used in Iran's energy sector.
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December 1, 2010
In response to UANI’s campaign, Kuwaiti defense contractor KGL severs all business ties with Iran, including with a sanctioned subsidiary of Iran’s government-owned shipping line, IRISL.
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November 12, 2010
Oilfield services company Schlumberger announces it will pull out of Iran when its current contracts are complete. The oil firm is expected to remain in Iran until 2013.
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October 20, 2010
UAE-based Dragon Oil announces it will not renew an oil swap agreement with Iran, which expired in July 2010.
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October 15, 2010
BP announces it will halt production at its North Sea Rhum natural-gas field (a joint project with Iranian Oil Co. U.K. Ltd., a unit of Tehran-based Naftiran Intertrade Co.) to ensure compliance with European Union sanctions against Iran.
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October 15, 2010
Japanese oil developer Inpex Corp., which planned to develop Iran’s largest onshore oil field project (Azadegan), announces it will withdraw from the project.
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October 7, 2010
German chemical trader Helm AG announces it has ceased all petrochemicals trade with Iran.
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September 30, 2010
Undersecretary of State James Steinberg announces that under threat of US sanctions, major European oil firms Total, Shell, Statoil and ENI have pledged to stop investments in Iran’s oil industry.”
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September 23, 2010
ThyssenKrupp, which did approximately euro200 million of business in Iran in the 2009 fiscal year, announces that it is halting its business dealings in Iran.
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September 14, 2010
Kia Motors, whose “Pride” model car represents 30-40 percent of vehicles on the road in Iran, announces that it has suspended exports to the Islamic Republic.
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September 10, 2010
Linde announces it will soon halt business in Iran.
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August 20, 2010
Hong Kong shipping company NYK Line Ltd. announces it will withdraw from Iranian trade.
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August, 2010
Dutch chemical company LyondellBassell Industries announces it will end its business operations in Iran.
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July 13 , 2010
BP confirms that it has stopped supplying jet fuel to Iran’s national air carrier, Iran Air
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July 9, 2010
Lloyds of London says it will not insure or reinsure petroleum shipments going into Iran.
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July 8, 2010
Royal Dutch Shell announces it will not renew contracts to supply Iran Air with jet fuel due to pressure from the US to cease business with Iran.
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July 1, 2010
South Korea’s GS Engineering & Construction announces the cancellation of a $1.2 billion gas project in Iran following US sanctions.
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June 28, 2010
Spain’s Repsol says it is pulling out of a contract to develop part of the South Pars gas field.
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June 28, 2010
France’s Total announces that it has stopped supplying gasoline to Iran due to US sanctions.
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June, 2010
Toyota suspends exports to Iran indefinitely.
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April 15, 2010
Malaysia’s Petronas announces that it has stopped supplying gasoline to Iran.
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April 7, 2010
Germany’s Daimler announces plans to sell its 30 percent stake in an Iranian engine maker and to freeze the planned export to Iran of cars and trucks.
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April, 2010
India’s Reliance Industries says it will not renew a contract to import crude oil from Iran in fiscal year 2010.
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April 7, 2010
Russia’s Lukoil announces it will cease gasoline sales to Iran.
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April 1, 2010
In response to UANI's campaign, KPMG severed ties with its Iranian member firm. PricewaterhouseCoopers and Ernst & Young also informed UANI that they have discontinued their business relationships in Iran. As a result, none of the “Big Four” accounting firms continue to operate in Iran.
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March 8, 2010
In response to UANI’s campaign, Ingersoll Rand ceases its business in Iran. Ingersoll Rand industrial equipment has been used in Iran’s oil and gas industry.
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March 8, 2010
Oil trading firm Trafigura stops gasoline sales to Iran.
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March 8, 2010
Oil trading firm Vitol stops gasoline sales to Iran.
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March 1, 2010
Smith International says it is pursuing termination of all activities in Iran.
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February 26, 2010
In response to UANI’s campaign, Caterpillar ceases its business in Iran. UANI called on Caterpillar to end its business in Iran and launched a billboard in Peoria targeting Caterpillar.
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February 19, 2010
Hannover Re announces that it will only conduct business in Iran in compliance with EU and UN sanctions.
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February 19, 2010
Munich Re announces it has stopped doing business in Iran and will not renew contracts.
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February 18, 2010
Allianz announces it has stopped doing business in Iran.
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February 4, 2010
Italian oil company ENI announces that it will pull out of Iran after current contracts run out.
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January 31, 2010
Switzerland’s ABB Ltd. announces that it has stopped taking orders for new business in Iran and is winding down work on existing contracts.
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January 26, 2010
German engineering conglomerate Siemens says it will not accept future orders from Iran.
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January 23, 2010
In response to UANI’s campaign, Huntsman Corporation ceases its business in Iran. UANI had earlier called on Huntsman to explain its sale to Iran of polyurethanes, a dual-use material.
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November 2009
Swiss commodities trader Glencore ceases gasoline supply to Iran.
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September 18, 2009
General Electric becomes the first signatory to UANI’s Iran Business Declaration, certifying that GE does not and will not conduct business in Iran.
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January 2009
Hewlett-Packard announces that it will cease all business in Iran after its sales in that country came under scrutiny.
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2007
Baker Hughes withdraws from Iran after finishing all “major warranty work it was contractually obligated to do” through its foreign subsidiaries.
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2007
Halliburton withdraws from Iran.
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2006
ExxonMobil withdraws from Iran.
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