Turkey to construct terminal for Iraqi oil transportation to world markets

Oil&Gas Materials 26 February 2014 14:03

Baku, Azerbaijan, Feb.26

By Rufiz Hafizoglu - Trend:

Turkey is to construct a terminal for transportation of Iraq`s oil to world market, the Turkish Sabah newspaper wrote on Feb. 26.

The terminal is planned to be built in the coastal Yumurtalik region of Adana province.

It will be constructed by the Turkish Starpet company and investment in the project will make up $120 million.

The volume of oil storage in the Yumurtalik terminal is 300,000 cubic meters.

Earlier, Turkish Minister of Energy and Natural Resources Taner Yildiz stated that the new oil pipeline and terminal will be built for transporting oil from northern Iraq to Turkey. The minister also said that the received oil will be kept in storage until an agreement with Baghdad is reached.

On January 3, 2014, Yildiz said that crude oil from Iraqi Kurdistan has started flowing via a new pipeline to Turkey, but will not be shipped to the European markets without Bagdad's consent.

Furthermore, it was reported that new routes of oil pumping could become Iraq-Syria-Lebanon, and Iraq-Jordan-Israel. The Minister of Energy and Natural Resources of Turkey said that if oil is to be supplied to world markets via Syria, implementation of the project will not succeed because the country is unstable at present.

Translated by S.I.
Edited by S.M.