FNA- Iranian Deputy Oil Minister Amir Hossein Zamaninia voiced Tehran's readiness to set up a joint petroleum corporation with Baku.

"The joint company will be formed within the framework of a deal recently signed between the two sides," Zamaninia told reporters on Tuesday.

The Iranian deputy oil minister recalled that during a visit of Iranian President Hassan Rouhani to Azerbaijan last month, the two countries signed an MoU on Joint Development of Relevant Blocks in the Caspian Sea.

"According to the signed document, a joint oil company should be established between the two countries, and we are now seeking to establish it," Zamaninia said, adding that the deal will come into force in the coming days.

In a relevant development in late March, Tehran and Baku signed several memoranda of understanding (MoUs) during Iranian President Hassan Rouhani's visit to Azerbaijan.

On the first day of President Rouhani�s visit to Baku and in the presence of Azeri President Ilham Aliyev, Iranian and Azeri officials signed 8 MoUs.

The documents were signed after the intensive negotiations of the presidents with the aim of further deepening of relations between the two countries.

The agreements were in the field of women and family, youth affairs and sport, cultural interchange, health, oil, industry, economy, and joint ventures for constructing Rasht-Astara Railway.