General Electric (GE -1.1%) plans to end sales of oil and gas equipment later this year in Iran amid the U.S. withdrawal from the nuclear deal, WSJ reports.
GE had big ambitions in Iran after sanctions were eased in 2016, and its foreign subsidiaries were preparing up to $150M in bids for pipelines, compressors and subsea equipment in Iran and had been in talks with an Iranian manufacturer to make energy equipment, the people said, but the company has abandoned those plans, according to the report.
Baker Hughes (BHGE -1.8%) reportedly has told Iranian merchants to not make deals for deliveries after Nov. 4, the deadline for the return of U.S. sanctions.