Turkey aims to renew oil pipeline accord with Iraq

Turkey is negotiating the renewal of an agreement on operating a pipeline that carries Iraqi crude oil to world markets and hopes to extend the deal by up to 20 years, Energy Minister Taner Yildiz said on Tuesday.

An agreement between Baghdad and Ankara that governs the operation of the pipeline, which transports a quarter of all Iraqi oil, expires this month, Yildiz told reporters.

“Hopefully (the accord) will be renewed, and we’ll have a 15- to 20-year agreement,” he said The 600-mile (970 km) link carries oil from Iraq’s northern fields located near the city of Kirkuk to Turkey’s Mediterranean port of Ceyhan, which is also the terminus of a BP-led pipeline transporting Azeri crude.

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