Latest news with #KirkukCeyhan
Zawya
4 days ago
- Business
- Zawya
Iraq, Kurdistan reach agreement on resumption of oil exports
Iraq and the Kurdistan Regional Government (KRG) have reached an agreement to resume oil exports via a pipeline to Turkey, the KRG natural resources ministry said reported on Thursday. The agreement on Wednesday followed negotiations of nearly a month in Erbil and it ends a dispute that has halted the flow of oil via the Kirkuk-Cehyan pipeline for more than two years. Officials from the Iraqi oil ministry and the KRG's ministry of natural resources signed the accord on Wednesday after intensive talks and field visits to Kurdistan's oilfields, the KRG Ministry said in a statement on its website. 'Under the agreement, the export quantities will be determined according to daily production at Kurdistan's oilfields and after excluding 50,000 barrels per day for domestic use in Kurdistan,' the statement said. Produced oil will be handed to Iraq's state oil marketing organisation and crude exports will resume after an agreement between the governments of Iraq and Turkey, it added. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Zawya
29-07-2025
- 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.
Yahoo
22-07-2025
- Business
- Yahoo
Türkiye offers draft to renew and expand energy collaboration with Iraq
Türkiye has reportedly submitted a draft proposal to Iraq aimed at renewing and broadening their existing energy agreement, according to a Reuters report. The proposal encompasses cooperation in sectors such as oil, gas, petrochemicals and electricity. This development follows Ankara's announcement of the termination of the long-standing Kirkuk-Ceyhan oil pipeline agreement. An official from the Iraqi Oil Ministry has indicated that the ministry is currently assessing the Turkish proposal. The official was quoted by the news agency as saying, 'The Ministry of Oil is in the process of reviewing the draft agreement sent by the Turkish side and negotiating with them regarding it to reach a formula that serves the interests of Iraq and Turkey'. The 1.6 million barrels per day Kirkuk-Ceyhan pipeline has been out of operation since 2023. An arbitration court ordered Türkiye to pay $1.5bn (Tl60.62bn) in damages for unauthorised Iraqi exports between 2014 and 2018, a ruling which Türkiye is contesting. Despite the pipeline's current inactivity, a senior Turkish official expressed Türkiye's desire to restore the oil conduit. Türkiye's decision to end the existing Türkiye-Iraq crude oil pipeline agreement from 27 July 2026 was published in its Official Gazette. The termination includes all related protocols and memorandums dating back to the 1970s. Efforts to resume oil flows through the pipeline have been ongoing. Ankara announced in late 2023 that the pipeline was ready to transport Iraqi oil, but negotiations involving Baghdad, the Kurdistan Regional Government and independent oil producers have yet to yield an agreement. The Turkish official highlighted the pipeline's potential as a 'highly active and strategic pipeline for the region', citing significant Turkish investment in its maintenance and its role in regional projects such as the Development Road. 'A new and vibrant phase for the Iraq-Turkey pipeline will benefit both countries and the region as a whole,' the official remarked, hinting at the broader implications of the proposed agreement. The Development Road initiative, which Türkiye sees as an opportunity to extend the pipeline further south, involves a high-speed road and rail link from Basrah in Iraq's to the Turkish border and eventually to Europe. Baghdad had already allocated initial funding for the project in 2023. "Türkiye offers draft to renew and expand energy collaboration with Iraq" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
