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Lauritzen contract halted by Iran dispute

Lauritzen Kosan is forced to abandon a long-term contract with Iran due to tightened sanctions against the country by the U.S. and the EU.

Photo: Lauritzen Kosan

The U.S. and EU embargo on oil importation from Iran will now affect Lauritzen Kosan as the company must cease all transportation of petrochemical products from Iran. Each year Iran exports 500.000 tons of ethylene, the petrochemical product used to manufacture plastic. The product is a part of the oil embargo and thus Lauritzen Kosan’s trade with Iran will be terminated.

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