SHANA - The Research Center of Petroleum Industry (RIPI) signed a memorandum of understanding (MoU) for China's Fortune Company and a domestic investor for designing and construction of a 500,000-ton LNG plant.

According to the institute, the document was signed on Tuesday, April 25, 2018, between RIPI's director of technology and international relations and the CEOs of Fortune and the domestic investor.

Manzour Bazmi said Fortune Company is a manufacturer of LNG equipment and possesses the technical savvy in the field.

He said technology transfer for construction of LNG units and offering engineering services will be provided under the document.

"Because the Chinese company is a manufacturer of LNG items and is ready to finance the project it was picked to join the plan," Bazmi added.