Turkey, Iraq to sign 12-month extension of oil pipeline deal
Turkey and Iraq plan to extend the pipeline pact for 12 months, preserving a route that carries about 90% of Iraq’s government revenue from oil.
- Turkish Energy Minister Alparslan Bayraktar announced on Thursday that Turkey and Iraq will sign a one-year agreement within days to keep the crude oil pipeline between the two nations open.
- The nations are negotiating this extension because their decades-old pipeline agreement, which governs export flows, is scheduled to expire on July 27.
- During his official visit to Baghdad, Bayraktar met with Iraq Oil Minister Basim Mohammed and Iraqi Prime Minister Ali al-Zaidi to discuss oil and gas cooperation.
- "We have brought the agreement that will cover the next 12 months," Bayraktar said, confirming that oil flows to Turkey's port of Ceyhan will continue.
- The pipeline previously remained offline for 2.5 years after an arbitration court ordered Ankara to pay $1.5 billion in damages for unauthorized Iraqi exports between 2014 and 2018.
13 Articles
13 Articles
Turkey and Iraq Move to Keep Critical Oil Export Route Alive
Iraq just bought itself another year. Turkey and Iraq are expected to sign a 12-month extension of the agreement governing the Iraq-Turkey crude oil pipeline within days, preventing a July 27 expiration that threatened one of Baghdad's few remaining viable oil export routes. Turkish Energy Minister Alparslan Bayraktar said the agreement is in its final stages and will ensure crude continues flowing from Iraq to the Mediterranean export terminal …
Turkey, Iraq to sign 12-month deal on Iraq-Turkey pipeline, Turkish minister says
Turkey and Iraq are nearing a significant agreement for their crude oil pipeline. This crucial deal is expected to be finalized and signed in the coming days. The agreement will effectively cover the operations of the pipeline for the next twelve months. Oil flows from Iraq to Ceyhan in Turkey are set to continue uninterrupted. This development signals continued energy cooperation between the two neighboring nations.
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