Daelim has canceled a $2bn deal to upgrade Isfahan refinery, while Hyundai is weighing the options on its $3bn Siraf splitters deal. China could capitalize.

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...