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Ulviyya Poladova

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Türkiye and Iraq have signed a new one-year agreement to ensure the continued operation of the Iraq-Türkiye oil pipeline, AzerNEWS reports.

The announcement was made by Turkish Minister of Energy and Natural Resources Alparslan Bayraktar following his meeting with Iraqi Oil Minister Basim Mohammed Khudair.

According to Bayraktar, representatives of Türkiye's BOTAŞ and Iraq's SOMO and NOC signed the agreement after the talks.

The minister said work is continuing on a new long-term agreement covering the pipeline, which has served as a strategic energy corridor between the two countries for nearly half a century.

"As part of the ongoing dialogue, we have reached a transitional agreement aimed at transporting 750,000 barrels of oil per day. The Iraq-Türkiye pipeline plays a vital role in ensuring the safe and uninterrupted delivery of Iraqi crude to global markets through Türkiye's Mediterranean port of Ceyhan," Bayraktar noted.

He added that current developments in global oil markets have further increased the strategic importance of the pipeline for both regional and international energy security.

The agreement comes shortly after Türkiye Petrolleri signed a deal to acquire a 15% stake in several oil fields in Kirkuk, Iraq, previously held by bp.