Türkiye and Iraq have signed a one-year agreement to maintain operations of the Iraq-Türkiye Pipeline (ITP), extending a long-standing bilateral arrangement while negotiations continue on a new long-term framework.
Turkish Energy Minister Alparslan Bayraktar said the agreement was signed in Ankara between Turkish state energy company BOTAS and Iraq’s state oil companies SOMO and NOC, following talks with Iraq’s Oil Minister and his delegation.
Key developments:
- One-year transit agreement covers a daily capacity of 750,000 barrels.
- The pipeline has a maximum capacity of 1.5 million barrels per day.
- Current throughput to the Turkish port of Ceyhan is around 170,000 barrels per day.
The extension provides additional time for both countries to negotiate a broader long-term energy cooperation agreement.
ℹ️ Reuters
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