2018-10-29
Hyundai said engineering and construction on Monday it had canceled a deal worth 595 billion won (521 million dollars) to build a petrochemical complex in Iran, noting that Iran's ability to fund the deal affected by the possibility of imposing US sanctions on Tehran.
 
In a regulatory disclosure, Hyundai Engineering and Construction said a consortium led by the developer had canceled the contract on Sunday.
 
The Hyundai Engineering and Construction in disclosing "the contract was canceled due to lack of funding is completed, which was a prerequisite for the validity of the contract, where worsened by external factors such as economic sanctions on Iran."
 
As of the fourth of November, the United States would impose sanctions on Iranian oil exports as part of efforts by US President Donald Trump to force Tehran to accept the agreement puts more restrictions on nuclear and missile Bernamjeha.