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National Iranian Oil Company (NIOC) and Philippine National Oil Company (PNOC) signed memorandum of understanding (MoU) on oil exploration.
Among contents of the MoU were investment for the development of oil and gas fields of Pasanan in Ahwaz.
The MoU also covers development of the third phase of Darkhovein in Khoramshahr. investment for construction of Liquid Natural Gas (LNG) plant in Iran and supplying crude oil for constructing refinery in Mindanao. the second largest island in Philippine.
