(MENAFN- Iraq Business News)
By John Lee.
Turkey's Energy Minister has said that the Iraq-Turkey pipeline (ITP), which has been out of operation since a court ruling in March , will be re-started this week.
Alparslan Bayraktar confirmed on X (formerly Twitter) on Monday:
"The oil pipeline, which was damaged in the devastating earthquake in February and the subsequent flood, is ready for operation.
"We will put the Iraq-Turkey pipeline into operation this week, and with the start of operation, we will start supplying 500,000 barrels to the global oil market."
News sources also quote him giving the same information during the ADIPEC conference in Abu Dhabi.
Shares in Gulf Keystone Petroleum (GKP) closed up more than 25 percent on Monday, but have subsequently fallen back about 7 percent.
The pipeline can carry oil from Kirkuk and Iraqi Kurdistan to the Turkish port of Ceyhan.
(Sources: Turkish Ministry of Energy, Reuters, The National)
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