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14

Turkey To Explore, Drill and Market Iraqi Oil

The parties have signed a document which grants the Turkish Petroleum Corporation the right to explore...

Turkish prime minister visited Iraq, setting the ground for immense energy cooperation between the two countries.

The parties have signed a document which grants the Turkish Petroleum Corporation the right to explore, drill and market Iraqi oil.

A landmark consensus to secure Turkey's rights to Iraqi oil, which grants authorization to the Turkish Petroleum Corporation, or TPAO, for oil exploration, drilling and marketing, was reached in a written document signed by the Iraqi oil minister at the last minute.

A joint political declaration on the establishment of the high-level strategic cooperation council between the two countries, which underlined cooperation in the field of energy by establishing partnerships between Turkish and Iraqi companies, also fortified Ankara's prospects.

Transporting Iraqi natural resources to world markets through the most viable export routes, upgrading and expanding the capacity of the existing Kerkük-Yumurtalık oil pipeline, linking Iraki oil fields to Turkish Mediterranean city of Ceyhan and building a pipeline network to transport natural gas from Iraq to international markets via Turkey were penned as cornerstones of the new energy cooperation.