Türkiye plans to transform the Development Road project into a multi-billion-dollar energy corridor carrying oil, natural gas, and electricity from Iraq and the Gulf to Europe, according to Energy and Natural Resources Minister Alparslan Bayraktar.
Bayraktar met with Iraqi Oil Minister Basim Mohammed Khudair and his delegation in Ankara on Oct. 2.
Speaking to Anadolu after the visit, Bayraktar said the country aims to turn the Development Road project into a strategic "energy corridor."
The Development Road project is planned to connect the Persian Gulf to Türkiye and Europe through road and rail links via Iraq.
The project is intended to strengthen energy ties between Iraq and Türkiye while creating a major trade corridor linking the region to European markets.
He said oil and natural gas transported along the route could alone generate an annual economic value of around $80 billion if the project's energy infrastructure is developed alongside its transportation network.
"We are determined to build the Development Road as a strategic 'energy corridor,'" he said, noting that developing the energy infrastructure alongside the route will greatly boost its economic value.
Bayraktar said Iraq's oil resources offered significant potential for the project's energy dimension and that the route could eventually carry up to 2.5 million barrels of oil per day (bpd).
Iraq currently produces around 4 million bpd, while Kuwait has a production capacity of around 2 million bpd, Bayraktar said.
- Qatar gas could be transported through Iraq
Bayraktar said the Development Road also had significant potential for natural gas transportation, particularly by providing an alternative route for Qatar's gas exports to Europe.
Qatar, one of the world's largest natural gas exporters, currently ships most of its gas as liquefied natural gas (LNG).
Bayraktar said Qatar's LNG exports rely heavily on the Strait of Hormuz and that transforming the Development Road into an energy corridor could provide an alternative route for some of the country's gas.
He said the Development Road could therefore evolve from a project aimed at strengthening trade and transportation links between Iraq and Türkiye into a multidimensional energy corridor encompassing oil, natural gas and electricity infrastructure.
- Ceyhan could become global energy hub
Bayraktar said alternative routes to the Strait of Hormuz had become increasingly important at a time when energy security and supply diversification were gaining greater significance.
Extending the Kirkuk-Ceyhan pipeline, the current infrastructure connecting Iraqi oil to Türkiye's Mediterranean export terminal at Ceyhan, to Basra and increasing its capacity could provide a strong alternative to the Gulf region and the Strait of Hormuz for oil transportation, Bayraktar stated.
Türkiye also aims for its state-owned Turkish Petroleum Corporation (TPAO) to play a more active role not only in the Kirkuk fields but also in other oil fields in Iraq, Bayraktar said.
"We will continue to strongly pursue concrete projects in close cooperation with the new Iraqi government," he said.
"We aim to reach the target of supplying 1 million barrels of crude oil, increase trade and turn Ceyhan into a global energy hub," Bayraktar said.
By Gulsen Cagatay
Anadolu Agency
energy@aa.com.tr
