Latest news with #Iraq
Zawya
16 hours ago
- Business
- Zawya
Turkey asks Iraq to ensure full use of oil pipeline in talks on new deal
ANKARA - Turkish Energy Minister Alparslan Bayraktar said a proposed new energy agreement between Turkey and Iraq must include a mechanism to ensure the full use of the oil pipeline between the two countries. Last week, Ankara said the decades-old accord covering the Kirkuk-Ceyhan oil pipeline would end in July 2026 and an Iraqi official said Turkey had proposed expanding the deal to include cooperation in oil, gas, petrochemicals and electricity. Laying out Turkey's core demands, Bayraktar said the country was asking for a draft agreement to include "a mechanism to ensure full use of this pipeline". "The note we've sent is along these lines," he told reporters after a cabinet meeting on Monday. "This pipeline has a capacity of almost 1.5 million barrels per day. There's no flow at the moment. Even when it did flow, it was never at full capacity," he said further. The Kirkuk-Ceyhan pipeline has been offline since 2023, after an arbitration court ruled Ankara should pay $1.5 billion in damages for unauthorised Iraqi exports between 2014 and 2018. Turkey is appealing the ruling. Bayraktar said Turkey's proposal included options such as extending the pipeline to the south of Iraq. "It (the pipeline) doesn't have to be filled entirely with oil from Iraq. To reach those figures, the pipeline needs to reach the south anyway," he said, adding that the deadline to agree on a new deal was July 2026. The Turkish government has said the Development Road initiative - a high-speed road and rail link running from Iraq's port city of Basrah on the Gulf to the Turkish border and later to Europe - is an opportunity to extend the pipeline south. Baghdad allocated initial funding for the project in 2023.
Zawya
16 hours ago
- Business
- Zawya
Iraq to issue Development Road tenders in packages
Iraq intends to invite bids from international companies in late 2025 for 'The Development Road' the $17 billion mega multimodal project that will link Iraq to Europe via Turkey, an official said on Friday. The Development Road involves the construction of a 1,200-kilometre rail line and a parallel motorway traversing most of Iraq up to Turkey, and will be offered in several packages to contractors as it also comprises 15 industrial and economic zones, said Maytham Safi, information director at Iraq's transport ministry. Safi said in comments published by Iraq's media that the US consultancy firm Oliver Wyman is the economic adviser to the project while designs are carried out by Italy's BTP Infrastrutture. 'The initial designs for the project have been completed and we are now into the detailed design process…..we have made considerable progress in this stage so we can say that the project will be tendered to global companies before the end of this year,' Safi said. The UAE, Qatar and Turkey are partners in the 'Development Road' project, which will cut across 11 Iraqi governorates up to the Northern border with Turkey, from where shipments will travel to and from Europe. Iraq hopes other countries and companies will join the project to secure funding on an investment and revenue-sharing basis. Officials said last year the project, one of the largest of its kind in the Middle East, would be served by the Southern Faw Port, slated to be among the largest 20 container terminals. The port is expected to be commissioned before the end of 2025 while the 'Development Road' is scheduled to be completed in 2029. Iraq, OPEC's second largest oil producer, hopes the project will turn it into a major transit and business hub in the region. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Reuters
16 hours ago
- Business
- Reuters
Turkey asks Iraq to ensure full use of oil pipeline in talks on new deal
ANKARA, July 29 (Reuters) - Turkish Energy Minister Alparslan Bayraktar said a proposed new energy agreement between Turkey and Iraq must include a mechanism to ensure the full use of the oil pipeline between the two countries. Last week, Ankara said the decades-old accord covering the Kirkuk-Ceyhan oil pipeline would end in July 2026 and an Iraqi official said Turkey had proposed expanding the deal to include cooperation in oil, gas, petrochemicals and electricity. Laying out Turkey's core demands, Bayraktar said the country was asking for a draft agreement to include "a mechanism to ensure full use of this pipeline". "The note we've sent is along these lines," he told reporters after a cabinet meeting on Monday. "This pipeline has a capacity of almost 1.5 million barrels per day. There's no flow at the moment. Even when it did flow, it was never at full capacity," he said further. The Kirkuk-Ceyhan pipeline has been offline since 2023, after an arbitration court ruled Ankara should pay $1.5 billion in damages for unauthorised Iraqi exports between 2014 and 2018. Turkey is appealing the ruling. Bayraktar said Turkey's proposal included options such as extending the pipeline to the south of Iraq. "It (the pipeline) doesn't have to be filled entirely with oil from Iraq. To reach those figures, the pipeline needs to reach the south anyway," he said, adding that the deadline to agree on a new deal was July 2026. The Turkish government has said the Development Road initiative - a high-speed road and rail link running from Iraq's port city of Basrah on the Gulf to the Turkish border and later to Europe - is an opportunity to extend the pipeline south. Baghdad allocated initial funding for the project in 2023.
Asharq Al-Awsat
17 hours ago
- Business
- Asharq Al-Awsat
Saudi Port of NEOM Halves Transit Time by over 50% via Regional Trade Corridor
Saudi Arabia's Port of NEOM conducted a successful pilot trial of a new strategic intra-regional corridor connecting key trading hubs in Saudi Arabia, Egypt, and Iraq. The initiative, conducted by the Port of NEOM and the Logistics Private Sector Engagement Council, more than halved the shipment transit time compared to traditional routes. As part of the pilot project, the first shipments departed from Cairo, passing through Safaga Port and then across the Red Sea to the Port of NEOM before continuing overland to their destination in Erbil, Iraq, covering over 900 kilometers, reported the Saudi Press Agency on Monday. The project's success exemplifies effective integration among various governmental and regulatory bodies, including the Transport General Authority; the Zakat, Tax and Customs Authority; and private-sector partners including shipowners, key exporters and importers, export councils, and logistics companies. The initiative delivers a highly effective, integrated and competitive logistics solution, demonstrated by a reduction in transit time of more than 50% on routes from Egypt compared to traditional pathways. It not only highlights the efficiency gains achievable through collaboration, but also signals the broader potential to significantly reduce costs and transit times across other regional and global trade corridors. The initiative lays the foundation for long-term ambitions and reinforces Port of NEOM's growing role in advancing Saudi Arabia's maritime and logistics goals. The port uses its unique strategic geographical location on the Red Sea, near the Arar border, which serves as a primary entry point into Iraq. The unique location positions the port as a vital regional gateway, connecting major global trade routes. By linking critical inland logistics corridors, it facilitates seamless trade flows between Asia, Africa, Europe and the Middle East, unlocking new opportunities for cross-border commerce and economic growth. Building on the success of the initiative, the corridor demonstrates a scalable model for enhancing inland logistics connectivity within Saudi Arabia and enhances the nation's position as a central global logistics hub in regional and international trade. It supports the Saudi Vision 2030 goal of building a diversified economy, through the development of a world-class, integrated logistics ecosystem, linking ports, roads and customs centers.
Asharq Al-Awsat
17 hours ago
- Politics
- Asharq Al-Awsat
Washington Holds Kataib Hezbollah Responsible for Attack on an Iraqi Govt Building
The US embassy in Iraq accused on Monday the pro-Iran Kataib Hezbollah group of being behind the attack on an Agriculture Ministry building in Baghdad as a new director was being sworn in. A group of fighters from the Popular Mobilization Forces (PMF) carried out the attack, said the Interior Ministry. The Kataib Hezbollah are part of the PMF. At least one police officer was killed and 14 PMF fighters have been arrested. The embassy offered its condolences to the families of the victims, 'who were killed by Kataib Hezbollah, which is designated as a terrorist organization by the United States.' Prime Minister Mohammed Shia al-Sudani chaired an emergency security meeting on Sunday to address the situation. Sudani stressed the need to uphold the law and protect state institutions. No leniency should be shown in the case, he added, urging investigations to uncover how the perpetrators were able to carry out the attack. He called for bringing them to justice. 'No one is above the law,' he declared, demanding that the probe be held according to professional standards. Forces within the pro-Iran Shiite Coordination Framework held an emergency meeting to also discuss the attack. Informed sources said the meeting 'gave Sudani the green light to pursue the perpetrators.' Information that has emerged in the past 24 hours revealed that the attack stemmed from disputes between armed factions and local powers over agricultural territory in the al-Dora region south of Baghdad. The disputes culminated in the sacking of the old director, who is affiliated with Kataib Hezbollah. The new director is affiliated with another armed faction, leading to the clash between the two parties and the police and security forces intervening.
