South Korea's Hyundai E&C cancels $521 MM petrochemicals deal

SEOUL, Oct 29 (Reuters) - 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 U.S. economic sanctions against Tehran.

In a regulatory filing, Hyundai E&C said the consortium it led for the project's construction cancelled the contract on Sunday.

"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 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 programmes.

($1 = 1,142.4000 won) (Reporting by Ju-min Park and Heekyong Yang Editing by Kenneth Maxwell)