Specialty chemicals giant Lyondellbasell Industries will end its operations in Iran to avoid penalties the U.S. could soon impose on companies for violating trade sanctions, the Wall Street Journal said. Lyondell's board approved the decision to end its Iranian operations in early August after months of deliberation, David Harpole, a spokesman for Lyondellbasell, told the Journal.

The Dutch-based company's move will end licensing of its proprietary technology and services to Iranian petrochemical companies, the paper said. Harpole told the paper the move would be "immaterial" to Lyondellbasell's overall operations.

The mounting pressure over sanctions played a decisive role in the board's decision to halt its Iranian operations, Harpole told the Journal. Lyondellbasell, which was weighed down by debt previously, emerged out of bankruptcy protection in April.

The company plans to list 566 million shares on the New York Stock Exchange any day to revamp its capital base and help fund growth plans, according to Harpole.