Ankara wants to turn Ceyhan into the Mediterranean's oil trading hub

Energy Minister Alparslan Bayraktar said in a televised interview that the aim is to make the Ceyhan oil terminals a regional centre for storing, trading and pricing crude and petroleum products, comparing the ambition to Rotterdam. Under a one-year deal signed on August 1, Iraq secured 750,000 barrels per day of capacity on the Iraq-Türkiye pipeline, which the minister estimates could yield around $500 million a year in transit revenue. Ankara wants to extend the route south to Basra and raise capacity from 1.5 to 2.5 million barrels per day.

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