Hyundai said the Iranian customer’s ability to fund the project had been hit by the prospect of US economic sanctions US will reimpose sanctions against Iranian crude oil exports on Nov. 4 SEOUL: South Korea’s Hyundai Engineering & Construction said on Monday that it scrapped a 595 billion won ($521 million) deal to build a petrochemicals complex in Iran, saying the Iranian customer’s ability to fund it had been hit by the prospect of US economic sanctions against Tehran. In a regulatory filing, Hyundai E&C said the consortium it led for the project’s construction canceled the contract on Sunday. “The contract was canceled 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 Nov. 4, the United States 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.