FINANCIAL NEWS

Iraq extends pipeline agreement with Turkey

20 Sep 2010

(MENAFN) Iraqi Oil Minister Hussein Al-Shahristani announced that Baghdad has extended the Anatolian pipeline agreement that links the Turkish port of (Ceyhan with Kirkuk) for 15 years, Reuters reported.

Al-Shahristani said during a joint press conference with Turkish Energy Minister Taner Yildiz that Iraq continues to expand the oil fields to increase production, which makes it need new export outlets.

Extending such agreement would make Iraq produce more than one million barrels in the coming years, he said.

The renewed agreement included a price hike for Iraq, paying Turkey $1 per barrel instead of 75 cents per barrel to use the pipeline, he added.

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