Hyundai exits multi-million dollar deal in Iran

Hyundai Engineering & Construction has dismissed a US$521 million deal for the construction of a petrochemicals complex in Iran. The South Korean firm came to the decision in light of prospective US sanctions in Iran that might hinder financing from Iranian customers.

Read: South Korea increases oil imports from Iran in post-sanctions era

“The contract was cancelled because financing is not complete, which was a prerequisite for the validity of the contract, as external factors worsened such as economic sanctions against Iran,” Hyundai E&C said in its filing.

From 4 November 2018, the US will re-impose sanctions against Iranian crude oil exports as part of President Donald Trump’s efforts to force Tehran to accede to a more restrictive deal on limiting its nuclear and missile programs.

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