Korean construction firm Daelim Industrial has announced the cancellation of a $1.9bn contract for an upgrade of Iran’s 375,000 b/d Isfahan refinery.

The agreement was canceled “after fund-raising was not completed because of worsening external conditions, including economic sanctions on Iran,” Korea’s Yonhap news agency reported, citing a report to Korea’s Financial Supervisory Service. (CONTINUED - 892 WORDS)