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MFL was incorporated on December 8, 1966 as a joint venture between GOI and AMOCO India. In accordance with the participation agreement between GOI, AMOCO and National Iranian Oil. With this acquisition, shareholding of AMOCO and NIOC were at 24.5% each, with the balance 51%. As a result, GOI and NIOC shareholding was revised to 67.55% and 32.45% respectively. MFL had an initial public offering of its shares in May 1997.