The Financial Times reports that Genel Energy plans to build a pipeline that will connect its fields in the Kurdish regions in northern Iraq to a port in Turkey on the Mediterranean.
Reuters reports that the pipeline will run from DNO's Tak Tak field to Faysh Khabour, which is the upstation in the northern part of Kurdistan immediately on the Iraqi side of the border with Turkey, connecting in to the major export line to the port of Ceyhan in Turkey.
Tony Hayward (pictured), the former head of BP, who is leading the new company formed from the merger of Vallares with Turkey's Genel Enerji, said the pipeline will have a capacity of 400,000 barrels of oil a day.
"We've completed the engineering on it and are currently in the market to identify an EPC (engineering, procurement and construction) contractor," Hayward said.
The Daily Mail expects the new company to begin trading on 21st November.
(Sources: Daily Mail, Financial Times, Reuters)