Latest news with #oilpipeline
Zawya
14 hours ago
- Business
- Zawya
Turkey asks Iraq to ensure full use of oil pipeline in talks on new deal
ANKARA - Turkish Energy Minister Alparslan Bayraktar said a proposed new energy agreement between Turkey and Iraq must include a mechanism to ensure the full use of the oil pipeline between the two countries. Last week, Ankara said the decades-old accord covering the Kirkuk-Ceyhan oil pipeline would end in July 2026 and an Iraqi official said Turkey had proposed expanding the deal to include cooperation in oil, gas, petrochemicals and electricity. Laying out Turkey's core demands, Bayraktar said the country was asking for a draft agreement to include "a mechanism to ensure full use of this pipeline". "The note we've sent is along these lines," he told reporters after a cabinet meeting on Monday. "This pipeline has a capacity of almost 1.5 million barrels per day. There's no flow at the moment. Even when it did flow, it was never at full capacity," he said further. The Kirkuk-Ceyhan pipeline has been offline since 2023, after an arbitration court ruled Ankara should pay $1.5 billion in damages for unauthorised Iraqi exports between 2014 and 2018. Turkey is appealing the ruling. Bayraktar said Turkey's proposal included options such as extending the pipeline to the south of Iraq. "It (the pipeline) doesn't have to be filled entirely with oil from Iraq. To reach those figures, the pipeline needs to reach the south anyway," he said, adding that the deadline to agree on a new deal was July 2026. The Turkish government has said the Development Road initiative - a high-speed road and rail link running from Iraq's port city of Basrah on the Gulf to the Turkish border and later to Europe - is an opportunity to extend the pipeline south. Baghdad allocated initial funding for the project in 2023.
Reuters
15 hours ago
- Business
- Reuters
Turkey asks Iraq to ensure full use of oil pipeline in talks on new deal
ANKARA, July 29 (Reuters) - Turkish Energy Minister Alparslan Bayraktar said a proposed new energy agreement between Turkey and Iraq must include a mechanism to ensure the full use of the oil pipeline between the two countries. Last week, Ankara said the decades-old accord covering the Kirkuk-Ceyhan oil pipeline would end in July 2026 and an Iraqi official said Turkey had proposed expanding the deal to include cooperation in oil, gas, petrochemicals and electricity. Laying out Turkey's core demands, Bayraktar said the country was asking for a draft agreement to include "a mechanism to ensure full use of this pipeline". "The note we've sent is along these lines," he told reporters after a cabinet meeting on Monday. "This pipeline has a capacity of almost 1.5 million barrels per day. There's no flow at the moment. Even when it did flow, it was never at full capacity," he said further. The Kirkuk-Ceyhan pipeline has been offline since 2023, after an arbitration court ruled Ankara should pay $1.5 billion in damages for unauthorised Iraqi exports between 2014 and 2018. Turkey is appealing the ruling. Bayraktar said Turkey's proposal included options such as extending the pipeline to the south of Iraq. "It (the pipeline) doesn't have to be filled entirely with oil from Iraq. To reach those figures, the pipeline needs to reach the south anyway," he said, adding that the deadline to agree on a new deal was July 2026. The Turkish government has said the Development Road initiative - a high-speed road and rail link running from Iraq's port city of Basrah on the Gulf to the Turkish border and later to Europe - is an opportunity to extend the pipeline south. Baghdad allocated initial funding for the project in 2023.
Bloomberg
6 days ago
- Business
- Bloomberg
Patria, Eaton Vance Among Investors in Argentina Pipeline Loan
Asset managers Patria Investments Ltd. and Eaton Vance joined a group of about a dozen banks in financing a $3 billion oil pipeline project which is seen as pivotal for Argentina's energy industry, people familiar with the matter said. The syndicated loan agreement, signed almost two weeks ago, is the largest commercial facility for an infrastructure project in the history of the South American nation, according to a press release for the project titled Vaca Muerta Oil Sur, or VMOS. A list of 14 institutions, including international lenders like Citi, Deutsche Bank, Itaú, JP Morgan, and Santander, provided a total of $2 billion in financing.
LBCI
21-07-2025
- Business
- LBCI
Turkey wants 'new and vibrant' phase for Iraq-Turkey oil pipeline, official says
The under utilization of an oil pipeline between Iraq and Turkey is regrettable and Ankara wants a "new and vibrant phase" in the matter to benefit both parties and the region, a senior Turkish official told Reuters on Monday. In a presidential decision published in the Official Gazette on Monday, Ankara stated that the Turkey-Iraq Crude Oil Pipeline Agreement, which was agreed upon by Turkey's government in 1973 and came into effect in 1975, and all subsequent protocols will be halted as of July 27, 2026. The official stated that the pipeline had the potential to become a "highly active and strategic pipeline for the region," and added that Turkey had invested heavily in its maintenance, while repeatedly emphasizing its importance for regional projects, such as the Development Road—a planned trade route involving Turkey and Iraq. "A new and vibrant phase for the Iraq-Turkey Pipeline will benefit both countries and the region as a whole," the person said.
Zawya
21-07-2025
- Business
- Zawya
Turkey calls for new deal with Iraq over suspended oil pipeline
ANKARA - Turkey wants to negotiate a new agreement with Iraq to revive operations at an oil pipeline between the two countries that were halted during a dispute over unauthorised Iraqi exports, a senior Turkish official told Reuters on Monday. In a decision published in its Official Gazette on Monday, Turkey said the existing deal dating back to the 1970s - the Turkey-Iraq Crude Oil Pipeline Agreement - and all subsequent protocols or memorandums would be halted from July 27, 2026. Iraq and Turkey have been working to resume oil flows from the pipeline running to Turkey's Ceyhan port following Turkey's move 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. Turkey has appealed against the ruling. Ankara has said it is ready to resume operations, but talks to do so hit a snag in March over payments and contracts. The official said the pipeline had the potential to become a "highly active and strategic pipeline for the region". The person added that Turkey had invested heavily in its maintenance, and noted its importance for regional projects like the Development Road - a planned trade route involving Turkey and Iraq. "A new and vibrant phase for the Iraq-Turkey pipeline will benefit both countries and the region as a whole," the official said, without giving details of what Ankara wanted the new agreement to include. There was no immediate comment from Iraq on the decision.
