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

Energy Minister Alparslan Bayraktar says the aim is a centre where crude and petroleum products are stored, traded and priced, and compares the ambition to Rotterdam. A one-year agreement signed on 1 August gives Iraq 750,000 barrels per day of capacity on the Iraq-Türkiye pipeline, which the minister estimates could bring around $500 million a year in transit revenue. Ankara wants to extend the line south to Basra and raise capacity from 1.5 to 2.5 million barrels per day.

← See the full edition