Tuesday, 02 January 2024 12:17 GMT

Oil Flows Restart Through Iraq, Türkiye Pipeline


(MENAFN) Oil transportation via the Iraq-Türkiye pipeline recommenced on Saturday after a hiatus of two and a half years.

This development is anticipated to bolster Türkiye’s energy resources and introduce greater variety to international markets.

Alparslan Bayraktar, the Turkish Minister of Energy and Natural Resources, announced on Saturday that oil flows resumed at 7:07 am local time (0407 GMT) through the pipeline.

The pipeline had been non-operational since the earthquakes on February 6, 2023, but was declared functional again by the Turkish energy firm BOTAS in October of the same year.

The dual-line pipeline, with a total capacity close to 1.5 million barrels per day (bpd), links oil fields in Iraq—including those within the Kurdish regional administration (KRG)—to the Mediterranean export terminal located at the Turkish port of Ceyhan.

According to Iraq’s Oil Ministry, the crude oil produced in the region will be transferred to Iraq's State Organization for Marketing of Oil (SOMO) and then exported via Ceyhan under an agreement involving the KRG and the producing companies. Initial shipments are projected to average around 200,000 bpd.

Bayraktar had told a news agency in July that if the pipeline reaches its full capacity, Iraq could channel up to 40% of its approximately 4 million bpd exports through Türkiye, potentially generating up to $40 billion in annual trade opportunities.

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