Latest News

Iraq is expecting to extend pipeline agreement with Turkey, INA reports

Iraq is planning to sign a?agreement for a year to continue Iraqi crude?flows?through?the Turkish?port of Ceyhan. This was announced by the oil ministry, according to Iraqi News Agency.

The agreement would renew a 'decades long bilateral arrangement which expired on Monday, which allowed the operation of Baghdad’s 'only working export pipeline, the Iraq Turkey Pipeline (ITP).

Salim al Rikabi, INA's spokesman, said that Iraq's Oil Minister is visiting Turkey on Saturday to sign an agreement providing for a daily capacity of 750,000 barallons.

The extension will give time to negotiate a comprehensive agreement. The Turkish government wants the pipeline with its?capacity to transport 1.5 million barrels of oil per day to be fully utilised, and possibly extended to southern Iraqi fields.

According to Turkish data, the pipeline currently carries?170,000 barrels per day.

(source: Reuters)