Sale of Basell To Iran's NPC Now Appearing Unlikely
Reuters reported this morning that the managing director of Iran's National Petrochemical Company (NPC) has stated that "due to U.S. pressures we are unofficially told Iran cannot buy Basell." The article states that NPC's inability to clinch a deal with BASF and Shell is the latest evidence of a deep reluctance among European companies to do business with Iran in the face of U.S. pressure.
The most recent version of the Reuters story quotes a source saying that "there's a decent chance of a deal (with Haldia) happening overnight" and another source said a sale could be agreed by the end of the week.
The BBC picked up this story late this afternoon and published an article entitled "US 'blocking Iran plastics deal.'"
The Telegraph of Calcutta, India reported late today that the Chatterjee-led Indian/U.S. group was "locked in final negotiations" to purchase Basell "in what would be the biggest foreign acquisition involving an Indian." The paper notes that the "two sides in London had entered the final stage and the deal could be signed any time."
Thursday's edition of The Guardian says "Shell appears to have bowed to American pressure and backed out of a $4.4bn (£2.3bn) plan to sell [Basell] to Iran, for fear of damaging its extensive US interests."
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