Ankara: Turkish Energy Minister Alparslan Bayraktar announced on Saturday the signing of an agreement with Iraq to use the oil pipeline to the port of Ceyhan.

According to Iraqi News Agency, the Turkish Energy Minister stated, "We held a fruitful meeting at our ministry with Iraqi Oil Minister Basim Mohammed Khudair and his accompanying delegation. Following the meeting, we signed a one-year agreement between the Iraqi State Oil Company (BOTAS) and the two Iraqi state-owned oil companies, SOMO and the National Oil Corporation (NOC), to ensure the optimal use of the crude oil pipeline between Iraq and Turkey."

Bayraktar emphasized the strategic importance of the pipeline, which has been operational for nearly half a century, as a key energy corridor between the two countries. The agreement aims to facilitate the transit of 750,000 barrels per day. He also mentioned efforts to establish a new long-term agreement for the pipeline.

The pipeline's role in ensuring the security of regional and global energy supplies has become increasingly significant, reflecting changes in global oil markets. Bayraktar expressed the intention to fully utilize the existing infrastructure and foster comprehensive and long-lasting cooperation between Turkey and Iraq in the energy sector. This partnership aims to enhance the transportation of energy resources from Iraq and the region to global markets through Ceyhan.