Linde, among other companies from France and South Korea, is due to lose a €960m contract with Iran.

According to the country\\$quot;s oil ministry report the contract awarded in 2005 to build a new petrochemical plant was cancelled because local firms were considered capable of carrying out the work for less money.

A Linde spokesman said the loss of the contract would not have any negative consequences for the firm and that it had been paid in full for the work it had done on the project thus far, reported AFX News.

In 2005 Iran awarded the contract to a group including Linde, France's Technip and South Korea's Hyundai.