Iran to develop oil ties with Iraq

A senior Iranian official says the country is prepared to sign an agreement with Iraq to develop joint oilfields based in border areas, Press TV reports.

The Central Oil Fields Company's Managing Director Mehdi Fakour said on Thursday that Iran is studying the details of the agreement that would help the two neighboring states increase their crude output.

He noted that Iraq should set up a mechanism for signing the deal "taking into consideration its current political developments and changes."

"Based on the talks between the two countries, only a limited number of foreign and international companies could take part in the development of the joint oilfields," the official stressed.