Turkey, Iraq sign oil pacts worth $1 bln

The Turkish Petroleum Corporation (TPAO) and Iraq's Oil Ministry yesterday signed two agreements on the operation of the Iraqi natural gas fields of Siba and Mansuriya. Energy and Natural Resources Minister Taner Yildiz took part in the signing ceremony in Baghdad together with Iraqi Oil Minister Abd al-Karim Luaybi. TPAO will make investments worth more than $1 billion. The Siba field, located in the Basra province, has natural gas reserves of nearly 43 billion cubic meters, while the Mansuriya reserves, located in Diyala province, have some 128 billion cubic meters.