Sasol has sold its stake in the Iran-based joint venture Arya Sasol Polymers Company, officials said on Monday.
Sasol reached the agreement with Main Street 1095, a South African subsidiary of an Iranian investor. Main Street 1095 will acquire 100% of Sasol's joint venture vehicle SPI International, which holds a 50% stake in Arya Sasol Polymers.
"As a result of this transaction, Sasol has no on-going investment in Iran," the company said in a news release.
Sasol had been pressured by international advocacy groups such as US-based United Against a Nuclear Iran (UANI) to sell its stake in the Iran business.
The Arya Sasol complex has a 1 million tpy ethane cracker, a 300,000 tpy low-density polyethylene (LDPE) plant and a 300,000 tpy medium-density/high-density polyethylene (MD/HDPE) unit.