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April 30, 2005 

Iran's National Petrochemical Company Still Expects to Purchase Basell NV

According to today's most recent Reuters news report, Iran's National Petrochemical Company (NPC) still expects to purchase Basell NV from its current owners Royal/Dutch Shell Group and BASF AG. The article states that "Iran said it was better-placed to buy polymer joint venture Basell than its Indian rivals and expects to be the final winner in the sale process." The article quotes NPC's managing director as saying "from a contractual point of view, NPC is in good position and will be the final winner, but the decision rests with the shareholders."

U.S. companies and their foreign subsidiaries that purchase polypropylene, polyethylene and other products from Basell's U.S. or non-U.S. plants and/or purchase any parts, components or packaging materials made from polypropylene and polyethylene should determine the impact of Basell's sale to NPC, which is owned by the Government of Iran, on their operations. Specifically, U.S. companies should consider the broad reach of the Iranian Transactions Regulations (ITR) (31 CFR Part 560) on their international operations if Basell is sold to NPC.


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