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Saudi Arabia’s Savola Edible Oils Company(SEO)has formed a joint venture with the local Behshahr Industrial Development Company (BIDC) to take over Iran’s two biggest edible oil manufacturers, Behshahr Industrial Companyand Margarine Manufacturing Company. Under the agreement, SEO will invest IR 664,100 million ($76.8 million) in a 49 per cent stake in the new joint venture, known as Savola Behshahr Company (SBC). SEO will also hold management rights in the venture.