Iran and Iraq are establishing a joint company for the development of oil fields on the border of the two states, Mehdi Fakur, head of the Iranian Petroleum Company of Central Districts, said, ITAR-TASS reports.
The idea was supported by Iraqi Prime Minister Nouri Al-Maliki. An Iraqi delegation will visit Tehran in February. The company will develop three oil fields.
The Iranian-Iraqi border has 12 oil and gas areas. The largest one of them is Azadgakh, containing 26 billion barrels of oil.
Iran praised conclusion of the US military operation in Iraq in December 2011. Iranian Chief of General Staff Hassan Firuzabadi said that the failure in Iraq should be a lesson to the US. He also expressed readiness to cooperate with Iraq.
