Tehran: A subsidiary of state-affiliated Islamic Republic of Iran Shipping Lines (IRISL) has signed a Memorandum of Understanding with a representative of the Iraqi government to establish a joint shipping company, according to the Islamic Republic News Agency. The agreement was reportedly signed by Lotfollah Saeedi, md of Valfajr Shipping Co, and Iraqi acting minister of transport Shervan al-Veali during his recent visit to Tehran. The company's constitution and details of the agreement, particularly with regard to management of the new company are to be worked out over the next month. [17/01/07]
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