Turkiye takes ‘historic step’ on energy alliance with Iraq

Core Impact Points

• Turkiye's state-owned Turkish Petroleum (TPOA) will acquire a 15% stake in the British Petroleum-run Kirkuk oilfield in northern Iraq.
• The deal will allow Turkiye to receive up to 1 million barrels of oil per day from Iraq, meeting its energy needs.
• The agreement marks a significant step in diversifying Turkiye's energy sources, reducing its reliance on other countries.
• The deal also strengthens ties between Turkiye and Iraq, particularly in the areas of security, trade, and transportation.
• The agreement comes as the US-Israel war on Iran has elevated Ankara's importance for Baghdad, making Turkiye a key player in the region's energy landscape.
• The deal is expected to have implications for the global energy market, particularly in the Middle East, where Turkiye's role as a key energy player is set to increase.