Iraqi-Turkish discussions to boost cooperation in oil, energy sectors
The Iraqi Minister of Foreign Affairs, Fuad Hussein, and the Turkish Minister of Energy and Natural Resources, Alparslan Bayraktar. Photo Iraqi: Foreign Ministery
Baghdad (IraqiNews.com) – The Iraqi Ministry of Oil announced on Wednesday the start of Iraqi-Turkish discussions in the oil and energy sectors.
A statement released by the Oil Ministry revealed that the Iraqi Minister of Oil, Hayan Abdul-Ghani, received the Turkish Minister of Energy and Natural Resources, Alparslan Bayraktar, where they talked about bilateral relations in the oil and energy sectors and ways to enhance areas of cooperation, according to the Iraqi News Agency (INA).
Bayraktar also held a separate meeting with the Iraqi Foreign Minister, Fuad Hussein, where they emphasized the need to solve the outstanding issues related to oil exports between Baghdad and Ankara, according to the Iraqi Foreign Ministry.
The two sides reviewed the economic and investment opportunities the Development Road project will create and its positive impact on the economy of Iraq and the countries of the region.
In early October, Bayraktar confirmed that the crude oil pipeline from Iraq to Turkey, which has been inoperative for about six months, is ready to operate and that Ankara is preparing to start receiving shipments.
Turkey stopped oil flows through the Iraq-Turkey pipeline last March after a ruling issued by the International Chamber of Commerce (ICC) ordered Ankara to pay compensation of $1.5 billion to Baghdad for unauthorized oil exports between 2014 and 2018.
The Kurdistan region of Iraq exported approximately 450,000 barrels of crude oil per day before the pipeline was closed.
Ankara later began maintenance work on the line, through which about 0.5 percent of global oil supplies pass.