Turkey and Iraq are expected to sign a one-year agreement in the coming days to keep the Iraq–turkey Crude Oil Pipeline operational after the current transit agreement expires on July 27. Turkish Energy Minister Alparslan Bayraktar said the new deal is in its final stage and will ensure the continued flow of Iraqi crude to Turkey’s Mediterranean port of Ceyhan.
During his visit to Baghdad, Bayraktar and Iraqi Oil Minister Basim Mohammed Khudair discussed expanding cooperation in the oil and natural gas sectors, with a focus on maximizing the use of existing pipeline infrastructure and developing new energy connections. turkey also reaffirmed its goal of making the Development Road Project a regional energy as well as trade corridor.
Bayraktar also met Iraqi Prime Minister Ali al-Zaidi, who called for greater Turkish investment in Iraq, particularly in agriculture, and announced plans to establish a joint turkey-Iraq investment fund to strengthen economic cooperation and support new projects.