Baku, Azerbaijan, Nov. 27
By Rufiz Hafizoglu - Trend:
The U.S. will control revenue from oil produced by Turkey in Iraq's Kurdish Autonomous Region, "Milliyet" newspaper reported on Nov.27.
According to the newspaper, the U.S. will also control the distribution of revenues from the sale of oil between the central government of Iraq and the Kurdish administration in northern Iraq.
The newspaper reported that Ankara and Erbil will sign an agreement on Nov.27 on oil production in Northern Iraq's Kurdistan Autonomous Region.
Earlier, Turkish Minister of Energy and Natural Resources Taner Yildiz said that revenues from Iraqi oil will be accumulated in the Turkish state bank.
According to the minister, revenue from the oil produced by the Kurdish Administration in Northern Iraq will be divided legally, as 83 per cent falls to Baghdad and 17 per cent to the Kurdish Administration.
In addition, it was reported that the construction of a new oil pipeline has begun to export oil ti Turkey.
The total cost of the construction of the pipeline with the length of 120 kilometers will be $90 million, and the construction work will be completed within one year.
Earlier, Turkish Minister of Energy and Natural Resources Taner Yildiz said that Ankara is showing interest in the energy reserves of Northern Iraq.
The minister also stressed that all the projects being implemented by Ankara in Northern Iraq will contribute towards the development of that country.