Baghdad: Turkey has initiated negotiations with the central government in Baghdad to formulate a new, comprehensive agreement for the transportation of Iraqi oil to international markets.

According to National Iraqi News Agency, the new agreement aims to establish a comprehensive cooperation mechanism with a shared vision in the energy sector.

In this context, a Turkish presidential decree was published in the Official Gazette, announcing that the crude oil pipeline agreement between Turkey and Iraq, which has been in effect since 1973, will expire on July 27, 2026. The new agreement is expected to facilitate long-term cooperation in areas such as crude oil and natural gas projects, hydrocarbon field development, petrochemical and refining investments, and electricity generation and transmission projects.

Arrangements concerning the pipeline system allocated to Iraq will also be a subject of discussion. The pipeline system includes two lines with a total capacity of 1.5 million barrels per day, along with the BOTAS terminal located in the Turkish port of Ceyhan. The existing pipeline, operated under agreements and protocols since 1973 and renewed in 2010, has been a symbol of energy ties between the two nations. However, evolving regional conditions, changing energy markets, and increasing expectations from both countries have highlighted the need for new commercial, legal, and structural arrangements.