Turkish Petroleum Corporation invests $6 billion in Iraq

ANKARA

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Turkey’s state-run oil company TPAO has invested $6 billion in Iraq as a part of several consortiums, a total of which makes more than $26 billion invested in the country, said Turkish Energy Minister Taner Yıldız Nov. 11.

“The TPAO has drilling activities in two oil wells and two gas wells in Iraq as a part of several consortiums. The share of TPAO in the consortiums’ $26 billion of investment plans is around $6 billion,” Yıldız said in response to a parliamentary question asked by Gürkut Acar, an MP from the main opposition Republican People’s Party (CHP).

“Our Turkish Petroleum International Company [TPIC] also inked a comprehensive project with the Iraqi National Petroleum Company SOC to open 45 new wells,” he added.

Yıldız noted that the Turkish state or Turkey’s state-run companies had not written any deal for the oil trade with Bagdad or Arbil.

“Private companies’ deals are bound by private international law,” he said.

Upon Yıldız’s answers, Acar said Turkey has problems with all of its neighbors.

“Wrong steps in foreign policies are no good for Turkey. It is not right for Turkey to be a part of the internal affairs of another country and it may suffer in the long-run. Turkey needs to be very careful,” he said.