N.Iraqi oil exports to world markets via Turkey start

With an official ceremony attended by Iraqi President Jalal Talabani, Massoud Barzani, the leader of the regional administration in northern Iraq, and Nehchirvan Barzani, the prime minister of the regional administration, in Arbil, the exportation of northern Iraqi crude oil to the European and the world markets through Turkey's Kirkuk-Yumurtalik oil pipeline started yesterday, marking a historic moment for regional economic cooperation. The exported crude oil is drilled from the two important oil fields of the northern Iraq: Taq Taq and Tawke. Turkey's Genel Enerji, a Cukurova Holding subsidiary, is jointly developing the Taq Taq oil field with oil and gas company Addax Petroleum. Tawke is being developed by Norway's DNO International. Speaking at the ceremony to mark the official start of northern Iraqi oil exports via Turkey, which was also attended by Cukurova Holding head Mehmet Emin Karamehmet, Genel Enerji CEO Mehmet Sepil, DNO representative Herge Edel and Khalid Salih, the energy minister of the regional administration, Talabani stressed that they will use the income from the oil for the prosperity of the whole nation. Barzani said the commencement of oil exports from the region was very important for the development of the entire country. “This is a gift for the entire Iraqi people,” he noted. Also speaking at the ceremony, Nechirvan Barzani said the launch of oil exports from northern Iraq through Turkey marked a dramatic departure from Iraq's recent past. "Economic cooperation within Iraq and across its borders will lay the foundation for a brighter collective future," he said. Salih said they expected to enhance Iraq's oil production and that they were proud to contribute to the reconstruction of the war-torn country by providing extra revenue following six years of conflict. Salih also expressed his pleasure at seeing a Turkish firm being included in such a process. “This is another milestone for future regional economic cooperation,” he stressed. Ashti Hawrami, natural resources minister of the regional administration, said, "Turkey is our economic partner. We are in a new era of friendship and cooperation, on the right path." Exports from Taq Taq will stand at 40,000 barrels per day and from Tawke at 60,000 barrels per day, and bring a total revenue stream of $5 million per day on the basis of per-barrel price of $50. Within a year, oil exports from the two fields are expected to reach 250,000 barrels per day.