Iraqi Prime Minister Ali Falah Zeydi said the oil deal signed with Turkey was "a strategic success".
Zeydi stated in a social media post that under the deal, at least 750,000 barrels of crude oil per day would be transported to the Ceyhan terminal via the Iraq-Turkey oil pipeline.
Stressing that this step is important for ensuring the continuity of oil exports and strengthening economic cooperation between the two countries, Zeydi noted that Iraqi and Turkish companies would begin work in this direction.
Zeydi also said that the two governments are working on a framework agreement in oil, electricity, water resources and other fields, adding that this would strengthen mutual interests and contribute to development and stability.
Agreement signed on Saturday
The one-year agreement signed on Saturday between Turkey and Iraq aims for the effective use of the existing oil pipeline and global energy supply security.
The Iraq-Turkey oil pipeline, which has been in service for nearly half a century, serves as a strategic energy corridor between the two countries.
Minister Bayraktar: "Alternative to Hormuz crisis"
Turkish Energy and Natural Resources Minister Alparslan Bayraktar said the pipeline contributes to global oil market supply security as well as bilateral trade relations.
Bayraktar said, "In a world facing the Hormuz crisis and with 20 million barrels of oil stuck in the Gulf, this line is of extraordinary importance as an alternative route."
Noting that Turkey has been operating two lines from Silopi to Ceyhan for about 50 years, Bayraktar recalled that he met with Zeydi in Baghdad in July, and that Zeydi visited Ankara on July 28.
On the same day, Turkish Petroleum purchased a 15 percent stake in a Kirkuk-based subsidiary of BP.
