Sasol to continue investing in Iran’s petrochemical sector

Oil&Gas Materials 16 December 2012 13:13 (UTC +04:00)

Azerbaijan, Baku, Dec. 16/ Trend G.Mehdi/

South African petrochemicals group Sasol has rejected the news disseminated by some foreign media about divesting its stake in Iran's Arya Sasol Polymers Company.

In an interview with the Fars News Agency, Eric Roper, managing director of Arya Sasol Polymer, said that the company is satisfied with investing in Iran's petrochemical sector and does not intend to leave the country.

Sasol said in a filing to the U.S Securities and Exchange Commission last month that 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, Reuters reported.

"We previously announced our intention to review our investment in Iran and we have subsequently entered into discussions to potentially divest our stake in Arya Sasol Polymers Company," chief financial officer Christine Ramon said in a statement.

Sasol has a 50 percent 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.