HomeBusinessAnkara calls for new deal with Iraq over suspended oil pipeline

Ankara calls for new deal with Iraq over suspended oil pipeline

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Türkiye needs to barter a brand new settlement with Iraq to revive operations at an oil pipeline between the 2 international locations that have been halted throughout a dispute over unauthorised Iraqi exports, a senior Turkish official informed Reuters on Monday.

In a choice revealed in its Official Gazette on Monday, Türkiye stated the prevailing deal relationship again to the Nineteen Seventies – the Türkiye-Iraq Crude Oil Pipeline Agreement – and all subsequent protocols or memorandums can be halted from July 27, 2026.

Iraq and Türkiye have been working to renew oil flows from the pipeline operating to Türkiye’s Ceyhan port following Türkiye’s transfer to halt them in March 2023 after the International Chamber of Commerce ordered Ankara to pay Baghdad $1.5 billion in damages for unauthorised exports between 2014 and 2018.

Türkiye has appealed in opposition to the ruling.

Ankara has stated it is able to resume operations, however talks to take action hit a snag in March over funds and contracts.

The official stated the pipeline had the potential to develop into a “highly active and strategic pipeline for the region”.

The individual added that Türkiye had invested closely in its upkeep, and famous its significance for regional initiatives just like the Development Road – a deliberate commerce route involving Türkiye and Iraq.

“A new and vibrant phase for the Iraq-Türkiye pipeline will benefit both countries and the region as a whole,” the official stated, with out giving particulars of what Ankara wished the brand new settlement to incorporate.

There was no speedy remark from Iraq on the choice.

Source: www.anews.com.tr

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