Signing process for Iraq-Turkey oil pipeline is imminent

Minister of Energy and Natural Resources Alparslan Bayraktar announced that he held a comprehensive meeting with Iraqi Minister of Oil Hayyan Abdul Ghani during his visit to Baghdad. In a statement on his social media account, Bayraktar expressed his satisfaction with the efforts to develop oil and natural gas cooperation between the two countries. Stating that the meeting was productive, Bayraktar said, "We evaluated the cooperation topics we can develop in the fields of oil and natural gas, primarily the Iraq-Turkey Crude Oil Pipeline."

It was reported that the parties have largely reached an agreement on a new deal covering the next 12-month period of the pipeline and that it will be shared with the public soon. The signing process is expected to be completed in the coming days.

In his statements, Minister Bayraktar emphasized that the full utilization of existing energy infrastructure and the commissioning of new connections are important for the common vision of the two countries. He stated, "In line with this vision, we are continuing our work with the goal of transforming the Development Road Project not only into a trade and transport corridor but also into a regional energy line. We attach importance to moving forward with a coordinated and close understanding of cooperation with the newly formed government in Iraq. We believe that the concrete steps to be taken in this context will carry the partnership between the two countries to a more advanced level."

While Iraq and Turkey plan to strengthen strategic cooperation in regional energy production and distribution, they aim to diversify their economic relations with new oil and natural gas projects. The new arrangement to be implemented in the Iraq-Turkey Crude Oil Pipeline is expected to further deepen the integration of the two countries in the energy sector.