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Why OPEC Won't Flood The Oil Market

Why OPEC Won't Flood The Oil Market

Saudi Arabia and Russia are…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

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Turkey Looks to Include Baghdad in Kurdish Energy Deal

Turkey has stated that it remains fully behind its recent oil deal with Iraqi Kurdistan, despite the problems this has caused Baghdad and Ankara, but hopes to repair this relationship by including the country’s central government in the deal.

As Turkey’s demand for energy grows it has begun to look for new hydrocarbon sources to import, and Iraqi Kurdistan offers a great opportunity to secure cheap supplies that are relatively local. Just last week Turkey sat down with the KRG to sign a multi-billion-dollar energy deal, a move that infuriated Baghdad who claim that only they have the right to make such deals.

On Sunday, in an attempt to mend ties with Iraq, Taner Yildiz, the Turkish Energy Minister, met with Hussain al-Shahristani, the Iraqi Deputy Prime Minister for Energy, to try and work out a way to include Baghdad in the energy deal and thereby appease the sulky government.

Related article: PetroChina to Buy Exxon Stake in Iraqi Oil Field

Iraq's Deputy Prime Minister for Energy Hussain al-Shahristani with Turkey's Energy Minister Taner Yildiz.
Iraq's Deputy Prime Minister for Energy Hussain al-Shahristani with Turkey's Energy Minister Taner Yildiz.

Speaking in Erbil, Yildiz announced that “we stand by the agreement we did with northern Iraq but we hope this can be carried out through a three-way mechanism. As Turkey, we are trying to move this forward in a careful and courteous way.

We also would like to have the consent of the Central Government of Iraq for the commercial export of oil from the KRG to Turkey and start a trilateral cooperation scheme that will be beneficial to all.”

Related article: Kurdistan Set to Begin Oil Exports to Turkey with New Pipeline Next Month

Yildiz actually stated that the details of the deal have already been agreed, but there has been no word as to whether or not it has been signed by any of the parties.

Nechirvan Barzani, the KRG Prime Minister, confirmed that “the formalities were recently completed...the finalization of such cooperation is a great achievement for Iraq and the Kurdistan region and this process will bring us together.

For the first time the Kurdistan region will become a net contributor to the Iraqi national income and that's why we need to sit down with our colleagues in the Iraqi government as equal partners.”

By. James Burgess of Oilprice.com



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