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Reliance inks pact with BP, NIOC

Our Bureau

MUMBAI, Feb. 21

RELIANCE Industries Ltd (RIL), National Iranian Oil Company (NIOC) and British Petroleum (BP) have signed a memorandum of association to undertake a feasibility study of a liquefied natural gas (LNG) project to be developed in Southern Iran.

The LNG project, with an initial capacity of about eight million tonnes, will target exports to India and other Asian and European markets, a company release said.

RIL and BP will hold 25 per cent share each while NIOC will hold 40 per cent in the venture. The study will examine sourcing gas from Iran's offshore South Pars field, the release said.