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(Global Construction Review) David Rogers - Korean contractor Daelim has cancelled a $2 billion contract to modernize a refinery in the Iranian city of Esfahan. After the U.S. decided to reimpose economic sanctions on Iran, Daelim was unable to secure the necessary funds to finance the project. Sanctions are also expected to hit a $3.6 billion deal involving Iran, Hyundai and Japan's Chiyoda Corporation to construct the Siraf Refining Park in Bushehr province in southeastern Iran. The project was to have involved building eight refineries, increasing the capacity of Iran's refining industry by 22% and expanding its petrochemical feedstock production by 57%. 2018-06-12 00:00:00Full Article
Sanctions Hit Korean Refinery Projects in Iran Worth $5.6 Billion
(Global Construction Review) David Rogers - Korean contractor Daelim has cancelled a $2 billion contract to modernize a refinery in the Iranian city of Esfahan. After the U.S. decided to reimpose economic sanctions on Iran, Daelim was unable to secure the necessary funds to finance the project. Sanctions are also expected to hit a $3.6 billion deal involving Iran, Hyundai and Japan's Chiyoda Corporation to construct the Siraf Refining Park in Bushehr province in southeastern Iran. The project was to have involved building eight refineries, increasing the capacity of Iran's refining industry by 22% and expanding its petrochemical feedstock production by 57%. 2018-06-12 00:00:00Full Article
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