Azerbaijan, Baku, May 21 / Trend, A.Taghiyeva /
Iraq and Turkey agreed to resume the exchange process in oil sector, which was interrupted five years ago, within the First International Energy Conference held in Erbil yesterday, Turkish Energy and Natural Resources Minister Taner Yildiz said on Monday, the Zaman newspaper reported.
It is planned that within the cooperation Iraq will export oil to Turkey. In return, Turkey will export oil products to Iraq.
This process will be realized through tankers in the first stage.
According to Yildiz, the Kirkuk-Yumurtalik pipeline's maximized capacity will also be increased.
In April, Iraq increased its oil exports up to 2.508 million barrels per day, which is the highest figure since 1989, Jihad told Trend earlier.
According to BP, Iraq's proven oil reserves as of early 2011 amounted to 115 billion barrels. The country ranks third in OPEC after Saudi Arabia and Iran.
The major oil fields of Iraq are Rumaila, Zubair, Nahr Umr, Majnoon and West Qurna in the south of the country. About 80 per cent of oil extracted in Iraq, is exported.