Negotiations between Turkey and Iraq for a long-term agreement in the field of oil and gas

Negotiations between Turkey and Iraq for a long-term agreement in the field of oil and gas

Iraq and Turkey are negotiating to reach an agreement on cooperation in oil and gas.

According to Iraq's official news agency (INA), Iraq's Minister of Oil, Bassem Muhammad Khadir, and Turkey's Minister of Energy and Natural Resources, Alferslan Beyraktar, met in Ankara.

In this context, Iraq's Ministry of Petroleum published announcements and said that at this meeting, the strengthening of bilateral cooperation in the field of oil and gas infrastructure development, petrochemical industry, and energy trade between the two countries will be discussed and explored.

Following the disruption of its oil exports, Iraq is trying to create a deeper strategic missile; Exports that decreased by more than 80% after the closure of the Strait of Hormuz.

Both countries have now turned to alternative transit routes to circumvent these obstacles. In August, a one-year agreement was signed between Turkey's state-owned Botash Company (BOTAS) and Iraq's state oil companies, SOMO and NOC, to increase the transportation of crude oil through the Kirkuk-Cihan oil pipeline.