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Reliance Industries Ltd (RIL) is planning to stop its import of Iranian crude from October-November, owing to re-imposition of US sanctions. Although India has said that it does not follow U.S. sanctions but companies like Reliance, which have significant exposure to the financial system of the United States could be liable to penalties if they do not comply. US ordered the re-imposition of sanctions on Tehran earlier this month.
A contract has been signed for the integrated development of Sepehr and Jofeir fields by the Nation Iranian Oil Company (NIOC) and Pasargad Energy Development Company (PEDC) with an estimated capital expenditure of 2.4 billion dollars. For the first time, NIOC has collaborated with a domestic E&P firm as the main developer of the project. Studies reveal that this integrated development project can greatly expand the scale of profit.