Mehdi Fakour (pictured), Managing Director of the Iranian Central Oil Fields Company (ICOFC), has announced that Tehran and Baghdad have decided to establish a joint company to developing three joint oil fields, according to the Iranian Fars News Agency.
"An Iraqi delegation will visit Iran on February 6 to finalize the establishment of the company," Fakour said in a press conference on Monday.
The two countries are willing to sign agreements with Iranian and Iraqi contractors to develop the three fields.
Tehran and Baghdad worked out an agreement in August 2011 to develop joint oil fields along the two countries' shared borders.
Iranian Oil Minister, Rostam Qassemi, had previously underlined that the development of Iran's Joint Oil and Gas fields was the main priority for his ministry.