Abu Dhabi (Reuters) – Turkey will restart operations this week on a crude oil pipeline from Iraq that has been suspended for about six months, Turkey’s Energy Minister Alparslan Bayraktar said on Monday.
“Within this week, we will start operating the Iraq-Turkey pipeline after resuming operations. It will be able to supply half a million barrels, almost, to global oil markets,” Bayraktar said during the ADIPEC conference in Abu Dhabi.
Turkey has been a reliable transit route for oil and gas, he added.
Turkey halted flows on Iraq’s northern oil export route about six months ago after an arbitration ruling by the International Chamber of Commerce (ICC) ordered Ankara to pay Baghdad damages for unauthorised exports between 2014 and 2018.
Ankara later started maintenance work on the pipeline that contributes about 0.5% of global crude supply.
Baghdad and Ankara agreed to wait until a maintenance assessment on the pipeline, which goes through a seismic zone, was complete to restart flows while still engaging in a legal battle on arbitration awards.
Turkey was weighing legal action against Iraq, which has an outstanding enforcement case against Turkey, Bayraktar said last month.
