Turkey Says Pipeline Agreement Will Be Renewed

Turkey's energy and natural resources minister said that the crude oil pipeline agreement would be renewed with Iraq.

Speaking at the 9th International Oil and Gas Conference at Ankara's Sheraton Hotel, Taner Yıldız said, "there are big and significant natural gas and oil reserves in east of Turkey. Turkey shapes its energy policies and diplomacy by taking into consideration them. Projects for transportation of resources from the eastern countries to the western countries such as Nabucco and Turkey-Greece-Italy Natural Gas Pipeline have an important impact on our energy policies."

"The agreement about Kirkuk-Yumurtalik raw oil pipeline expired in March. We will sign a 15-20 year agreement with Iraq soon to renew the deal," he said.

Yıldız said that USA's Exxon Mobil Corp. and Brazil's Petrobras had joined a consortium with Turkish Petroleum Corporation (TPAO) to find oil in the Black Sea. "We attach great importance to this project," he said.

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