By John Lee.
Iraq has signed an agreement with Turkey for the transport and loading of Iraqi crude oil via the Iraq-Turkey Pipeline (ITP) to the Turkish port of Ceyhan.
The agreement was signed under the auspices of Minister of Oil Basim Muhammad Khudhair al-Abadi, with Turkey's Minister of Energy and Natural Resources also in attendance.
The agreement has a duration of one year, pending the completion of a broader framework agreement covering several sectors, including oil, electricity, and water resources. The minimum volume for crude oil exports under the agreement is 750,000 barrels per day.
The signing ceremony was attended by the Under-Secretary of the Ministry of Foreign Affairs, the Under-Secretary of the Ministry of Oil for Extraction Affairs, and the directors-general of State Oil Marketing Organization (SOMO), North Oil Company (NOC), and the Economic, Legal, and Internal Audit departments of the Ministry of Oil, along with a Ministry of Foreign Affairs adviser and a representative from the Ministry of Finance.
(Source: Ministry of Oil)
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