Development Road Project could generate $80 billion annually as energy corridor, minister says

ANKARA

Energy and Natural Resources Minister Alparslan Bayraktar (AA Photo)

The Development Road Project could generate around $80 billion in annual economic value if it is developed into an energy corridor carrying oil, natural gas and electricity, according to Energy and Natural Resources Minister Alparslan Bayraktar.

The project is designed to connect the Persian Gulf to Türkiye and Europe through road and railway links while strengthening energy ties between Türkiye and Iraq and creating a major international trade corridor.

Speaking after a visit to Ankara by Iraqi Oil Minister Basim Mohammed Khudhair, Bayraktar said the project should be viewed as more than a transportation link. Türkiye is determined to develop it as a strategic energy route supported by oil, natural gas and electricity transmission infrastructure along the corridor, he said.

Bayraktar noted that the route could eventually handle up to 2.5 million barrels of oil per day. He said Iraq currently produces around 4 million barrels per day, while Kuwait has production capacity of roughly 2 million barrels per day, creating significant potential for regional crude flows to be redirected through the corridor.

According to Bayraktar, transporting 2.5 million barrels of oil per day through the route could create annual economic value of approximately $65 billion-$70 billion.

He also highlighted the project’s natural gas potential, saying it could provide an alternative route for Qatari gas exports to reach Europe via Iraq and Türkiye. Qatar currently depends largely on LNG shipments and the Strait of Hormuz for its gas exports, he noted.

“If Qatari gas is transported through Iraq and the Development Road, with part of the gas remaining in Türkiye and part exported to Europe, the combined oil and natural gas trade could generate an annual economic value of around $80 billion,” Bayraktar said.