Honeywell International, Inc. (United States)

 

According to The New York Times, Honeywell, Inc. acquired Universal Oil Products (UPO), a Des Plaines, Illinois-based company, in 2005 (The New York Times, March 12, 2010).

According to Universal Oil Product’s website, UOP operates 5.9 natural gas fields in Iran out of a total of 54.2 fields, as of 2011. The company plans to have 10.1 natural gas production fields in Iran by 2015 (Universal Oil Products website, 2012).

The New York Times reported that Honeywell has promised not to make any new business deals with Iran, but has also indicated its plans to carry out all current contracts with Iran. (The New York Times, March 12, 2010).

According to Bloomberg, Honeywell’s subsidiary UOP LLC was blacklisted by the Iranian government on February 6, 2012. Bloomberg reported that Iran’s Oil Minister, Rostam Qasemi, ordered the National Iranian Oil Production and Distribution Company to stop doing business with UOP LLC because of its failure to observe contractual obligations (Bloomberg, February 6, 2012).

Date: 2006 - Unclear

Deal: According to an industry publication, UOP is part of a consortium consisting of United Kingdom's UOP, France's Axen, Italy’s Technip and Iranian firms Research Institute of Petroleum Industry, Sazeh, and Oil Design & Construction Co. (ODCC). (Oil and Gas Journal, November 24, 2008).

According to the Middle East Economic Digest, in 2006 the National Iranian Oil Refining and Distribution Company (NIORDC) contracted the consortium to upgrade Iran’s Arak refinery. The project was set to take four years to complete (Middle East Economic Digest, August 4, 2006).

NIORDC's website lists the National Iranian Oil Engineering and Construction Company (NIOEC) as the Iranian firm that implemented the contract (NIORC Website, accessed August 25, 2010).

According to the GAO, the contract was worth $2.8 billion and the project will be completed in 2011 (GAO Report, March 23, 2010).

U.S. Business Ties:

According to USASpending.gov, UOP LLC has received $52.1 million in federal dollars since 2004, and has continued to receive federal funding as recently as 2013 (USAspending.gov, accessed July 9, 2014).

Last Updated: July 9, 2014