Managing Director of the Iranian Central Oil Fields Company (ICOFC) Mehdi Fakour announced that Tehran and Baghdad have decided to establish a joint company for developing three joint oil fields.

"An Iraqi delegation will visit Iran on February 6 to finalize establishment of the company," Fakour said in a press conference on Monday, Jan 16, Fars News Agency reported.

He also announced that the two countries' authorities are willing to sign agreements with Iran and Iraqi contractors to develop their three joint oil fields.

Tehran and Baghdad had in August 2011, worked out an agreement to develop joint oil fields at the two countries' shared borders.

"We are waiting for the Iraqis to be prepared for inking the deal," Fakour said at the time.

Earlier, Iranian Oil Minister Rostam Qassemi had underlined that the development of Iran's Joint Oil and Gas fields sets the main priority for his ministry.

Speaking in a meeting with directors of the oil and gas companies active in the South Pars region, the oil minister said that development of joint oil and gas fields is the first priority of the oil ministry in both land and sea border regions.