Ankara: Iraq and Turkey signed a pivotal one-year oil agreement today to transfer 750,000 barrels of oil per day through the pipeline extending between the two countries. The deal aims to ensure the effective use of the oil line and enhance the security of energy supplies to global markets.
According to Yemen News Agency, Turkey's Ministry of Energy and Natural Resources announced in a press release that Minister Alparslan Bayraktar met with Iraqi Oil Minister Bassem Mohammed Khudair and his delegation at the ministry's headquarters in Ankara. The meeting culminated in the Turkish Petroleum Pipeline Corporation (BOTAS) signing an agreement with the Iraqi Oil Marketing Company (SOMO) and the Iraqi Northern Oil Company for the transport of crude oil.
The Iraq-Turkey crude oil pipeline, a strategic energy corridor between the two countries, has been operational for nearly half a century. A statement from the Turkish Energy Ministry quoted Minister Bayraktar highlighting the pipeline's role in bolstering trade relations and supporting the security of global oil market supplies.
Minister Bayraktar remarked on the pipeline's exceptional importance as an alternative route amid the ongoing Hormuz crisis, pointing out that 20 million barrels remain held up in the Gulf. He emphasized Turkey's long-standing operation of two lines from Silopi to Ceyhan, underlining BOTAS's role in managing the line, storage, and loading operations in Ceyhan.
Bayraktar further noted that Turkey aims to fully utilize the line's capacity of 1.5 million barrels per day. He mentioned that Turkish refineries have been optimized over the years to process regional oil, with Iraqi and Kirkuk oil being among the most commonly used crude types in these facilities.
