Turkey and Iraq to revise deal on Kirkuk-Yumurtalik oil pipeline

Turkey and Iraq will revise the agreement on the Kirkuk-Yumurtalik crude oil pipeline which connects the northern Iraqi city of Kirkuk to the Turkish Mediterranean port of Ceyhan, World Bulletin quotes Turkey's energy minister Taner Yildiz.

An earlier agreement had expired in March.

The Minister said that a new contract on financing and oil flow had been drafted and that it was planned to be signed in Baghdad on September 19.

Under the new deal, the pipeline will carry 70 million tons of crude oil annually from Iraq to Ceyhan, an energy hub in southern Turkey.

"Iraq must export its oil and natural gas for the country's normalization. This is a project that could help its normalization," Yildiz said.