Iraq and Turkey has agreed at the First International Energy Conference in Erbil to restore petroleum exchange, halted 5 years ago, Turkish Minister for Energy and Natural Resources Taner Yildiz said, Trend reports on Monday.
Iraq will export oil to Turkey. Turkey will export petroleum to Iraq in exchange. The process will be realized via tankers.
The Kirkuk-Yumurtalik Pipeline will have its capacity extended.
Iraq had 115 billion barrels of oil reserves, according to BP data of early 2011. Iraq is the third most oil rich state of OPEC after Saudi Arabia and Iran. Most oil fields are located in the southern part. They include Rumeila, Zubair, Nahr, Umr, Maynun and Western Kurna. 80% of Iraqi oil is exported.
