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Iraq intends to increase oil exports through the Turkish Mediterranean port of Ceyhan to 1.5 million barrels per day, according to Iraq's Oil Minister Basem Mohammed Khudair.
He said the current agreement with Turkey provides for exports of up to 750,000 barrels per day. However, the sides plan to prepare a new agreement within this year that would double this figure.
Khudair noted that cooperation between Baghdad and Ankara in the oil and gas sector is not limited to oil transit through Ceyhan. He said the sides are also holding intensive negotiations on investments, development of oil fields in Iraq, and the creation of a strategic partnership between Iraqi and Turkish companies in oil extraction and refining.
Context
What happened before
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Iraq and Turkey signed an agreement providing for exports of up to 750,000 barrels of oil per day via the Ceyhan port
Iraq exports oil through Ceyhan under the existing agreement
The sides plan to prepare a new agreement that would increase exports to 1.5 million barrels per day
Iraq and Turkey are negotiating investments, field development, and strategic partnership in the oil and gas sector