Iraq and Turkey Ink One-Year Oil Pipeline Deal with Ambitious Capacity Target
Iraq and Turkey have signed a one-year agreement to transport Iraqi crude oil through the Iraq-Turkey pipeline at a minimum rate of 750,000 barrels per day. The agreement aims to raise export capacity to over 1 million barrels per day after completing the Basra - Haditha - Kirkuk - Ceyhan pipeline.
Iraqi Prime Minister Ali Al Zaidi described the deal as a strategic milestone, ensuring the uninterrupted flow of oil exports and strengthening economic cooperation between the two countries. He added that Iraqi and Turkish companies will implement the agreement while governments work on a comprehensive framework covering oil, electricity, water resources, and other areas.
The deal marks an important step in advancing shared interests and supporting development and stability in both countries, according to Prime Minister Al Zaidi.