Turkey Financial News

Posted by meb at November 28th, 2008

Iraq’s oil ministry and the Kurdish regional administration in northern Iraq have agreed to export oil from the Iraqi Kurdish lands to Turkey, an Oil Ministry spokesman said on Thursday.

The initial agreement represents a breakthrough in a dispute between the two Iraqi authorities. Disagreement between the Baghdad central government and the Kurdish regional administration has held up development of oilfields for export.

“There has been an initial agreement to export Iraqi oil from the Tawke oil field,” Iraqi Oil Ministry spokesman Asim Jihad told Reuters.

The Kurdish regional administration in northern Iraq announced Wednesday it would export crude oil for the first time next year. The oil will be exported from two fields in northern Iraq to the Turkish port of Ceyhan, a Kurdish oil official, Ashti Hawrami, told AP. (more…)

Posted by meb at July 14th, 2008

Foreign Trade Minister Kürşad Tüzmen has said Iraq would become a neighbor with an annual oil revenue of over $250 billion once stability is achieved in the country and that the total trade volume between Turkey and Iraq would reach $30 billion as Iraq becomes normalized.

Trade volume between the two countries in the first six months of this year exceeded $2.2 billion. Turkey is seeking to make this figure $5 billion by the end of the year. (more…)

Posted by meb at May 23rd, 2008

Iraq aims to increase the annual trade volume between itself and Turkey to $5 billion from the current level of $3 billion, the Iraqi trade minister has stated.

Iraq Trade Minister Abd al-Falah al-Sudani and a delegation of chamber of commerce leaders arrived yesterday in the southeastern industrial city of Gaziantep to participate in the third Iraq International Fair, which was organized by the Gaziantep Chamber of Industry (GSO) and the Iraq Ministry of Trade and which begins today. (more…)