15-Year Ceyhan Pipeline Contract Signed

The Iraqi Oil Minister renewed a contract with Turkey to transport crude oil through the Turkish port of Ceyhan for 15 years, at volumes of more than one million barrels per day (bpd). The deal is expected to strengthen economic relations between Baghdad and Ankara.

AKnews reports that Oil Minister Hussain al-Shahristani said in Baghdad on Sunday that "the Ceyhan pipeline is the only line that carries Iraqi crude oil extracted from the northern fields of Kirkuk".

For his part, the Turkish Energy Minister Teiner Al-Daz [Taner Yildiz] said, "Turkey still supports Iraq's oil and seeks to develop oil and bilateral trade.”

"From now on", he continued, "there will be no confiscation of Iraqi oil passing through Turkey as the Turkish government has provided its guarantee on this issue”. He also added that the transportation fees were raised from 75 cents per barrel to $1 per barrel.

(Sources: AKnews, Aswat al-Iraq, Today's Zaman)

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