Iran ready to develop joint oil fields with Iraq

Managing Director of Iranian Central Oil Fields Company, Mehdi Fakour, said that Iran is prepared to sign an agreement with Iraq to develop joint oil fields in the border areas, the local satellite Press TV reported on Friday. Fakour said Thursday that Iran is studying the details of the agreement that, if signed, would help the two neighboring states increase their crude output, the report said. "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 oil fields," he was quoted as saying. According to the report, the two countries have 23 joint oil fields in the border regions and earlier this year, Tehran and Baghdad agreed to establish joint expert committees to finalize technical and financial details of a deal that aimed at the development of the joint oil fields.