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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.
The recent decision by US President Donald Trump to exit the Joint Comprehensive Plan of Action (JPCOA) that lifted international sanctions against Iran has forced potential investors and oil buyers to rethink their plans.
Daelim evidently saw the writing on the wall, given that it had failed to raise funding – a prerequisite for the deal to be completed – in the near-year between its original signing of the deal at the start of 2017 and Trump entering office ( MEES, 13 January 2017 ).
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