The petrochemicals giant, Sasol, on Monday said it had disposed of its 50 percent shareholding in Arya Sasol Polymer to Main Street 1095, the South African firm of an Iranian investor.

The company did not reveal the amount of money Main Street would pay for this stake.

The other 50 percent shareholding in the firm is held by Iran’s state-owned National Petrochemical Company.

Sasol said as a result of this deal, the firm no longer has on-going investment in the militant Iran.

In July last year, the US administration intensified its sanctions on Iran to halt non-US firms from doing business in oil with Iran.

The US has renewed sanctions from time to time on the middle-eastern country.

Last month, new laws were introduced to focus on other sectors of the Iranian economy for sanctions.

According to Moneyweb, the new order will reduce Iran’s oil exports by another 1 million barrels a day over 12 months to almost nothing.

This is in an effort to cut the stream of money to the nuclear projects.

“This is the first sanctions bill to put a number on exactly how much Iran’s oil exports would be cut, according to global law firm Holland & Knight” Moneyweb reported.