World Bulletin / News Desk
Turkey's energy ministry has started technical work with Iraq's central government on shipping crude oil from Basra in southern Iraq via the Kirkuk-Ceyhan pipeline to Turkey's Mediterranean coast and on to world markets, its minister said on Friday.
The announcement came days after Iraq's semi-autonomous Kurdish region said it might begin selling natural gas directly to Turkey within two years, a move that was expected to further strain Ankara's ties with Baghdad.
"We have launched technical work with the Iraq central government on bringing Basra crude oil from Kirkuk to Ceyhan and from there to world markets," the ministry quoted Energy Minister Taner Yıldız as saying.
No further details on the plans were immediately available.
Iraq is expected to provide the world's largest expansion in oil export capacity in 2012 due to the opening of two floating single point mooring (SPM) terminals in the Gulf earlier this year. That increase is adding to global supplies as sanctions curb shipments from Iran.
The idea of shipping Basra oil via Turkey appeared to be new.
Iraq is the second-biggest market for Turkish exports, amounting to more than $8 billion last year, after Germany.
But Turkish officials have been locked in a war of words with Iraqi Prime Minister Nuri al-Maliki since December, when he ordered the arrest of Sunni Vice President Tareq al-Hashemi, based on allegations that he ran death squads.
In recent years, Ankara has also cultivated growing trade ties with the regional administration in the north, which accounts for some 70 percent of Turkey's exports to Iraq and would be Turkey's eighth-biggest export market if it were a country.
Sales to foreigners amounted to 1,827, 15.8 pct rise year-on-year, according to official report
BIST 100 slips 0.15 percent; US dollar/Turkish lira exchange rate stands at 4.0460
BIST 100 rises 0.01 percent; US dollar/Turkish lira exchange rate drops to 4.0250
Fresh hopes that Donald Trump and North Korea's leader Kim Jong Un will hold a historic summit within months also provided some much-needed optimism.
The fund cautioned that investors and financial markets expect a steady approach to monetary tightening based on the belief inflation will remain relatively tame.
Turkey's assets abroad go up 2.4 percent at end of February 2018, compared to end of 2017: Turkish Central Bank
BIST 100 decreases 0.12 percent; US dollar/Turkish lira exchange rate stands at 4.1020
Hong Kong and China ended down after fluctuating through the morning on data showing the world's number two economy expanded in January-March at the same rate as the previous three months.
For Turkey, Germany is a very important, indispensable partner: Turkish Energy Minister Albayrak says in Berlin
BIST 100 rises 0.69 percent; US dollar/Turkish lira exchange rate stands at 4.0830
The United States, Britain and France carried out attacks at the weekend on alleged chemical weapons facilities, in response to what they say was a toxic gas attack by the Russia-backed Assad regime a week before.
Excluding interest payments, central government budget balance saw surplus of nearly $500M in first quarter of 2018
London's FTSE 100 index fell 0.1 percent to 7,254.83 points, with UK advertising giant WPP diving four percent after chief executive Martin Sorrell resigned over the weekend.
The US, Britain and France carried out attacks at the weekend on alleged chemical weapons facilities, in response to what they say was a toxic gas attack by the Russia-backed Assad regime a week before.
Industrial production surges 9.9 pct year-on-year in February, official data show