Countries seen as 'promoting terrorism'...
ConocoPhillips has decided to end its operations in Syria and Iran. The action is the result of a New York City official asking the company to examine its ties with countries that "promote terrorism."
New York City Comptroller William Thompson Jr. on Tuesday released a letter from the company, which said it had agreed not to "approve business ventures in sensitive countries unless it is convinced that it can do so legally and within the spirit of US law."
Thompson last year made a proposal on behalf of the New York City Police and Fire Department Pension Funds -- which have $34.8 million invested in ConocoPhillips -- that the company guarantee oversight of operations in Iran and Syria.
ConocoPhillips has now ended its business connections with Iran and said its participation in a gas-processing facility in Syria could end as early as next year, Thompson said in a statement.
The agreement also extends to the company's domestic and foreign subsidiaries.
