19 Jun 2010
(MENAFN) The Iraqi government has initialled a deal with Turkey to extend for 12 years the use of the main pipeline linking its northern oilfields to the Mediterranean port of Ceyhan, Reuters reported.
The renewal of the existing deal, which ran out in March, was the result of lengthy negotiations – Turkey had been seeking an extension of between 15 and 20 years, its energy minister Taner Yildiz said before the agreement’s expiry.
The 970-kilometer pipeline runs from Iraq’s northern oil hub of Kirkuk to Ceyhan, from where the crude is shipped to world markets by tanker.
The twin conduit, first inaugurated in 1976, carried 167.6 million barrels of oil last year, according to Turkish statistics. It has been repeatedly sabotaged by insurgents inside Iraq and Turkey.
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