“I believe a Basra–Ceyhan pipeline could be incredibly attractive and a significant project for both Iraq and Turkey, as well as for regional supply security—particularly from a European perspective,” Birol mentioned during an interview with Hürriyet, published on Sunday. “I also believe that the financing aspect can be addressed. Now is the ideal time.”
On Saturday, Iran reinstated restrictions on vessel traffic in the Strait of Hormuz, just a day after announcing the waterway was open to commercial shipping. Several liquefied natural gas tankers changed course while headed there after Iran notified ship captains that the crucial channel was once again sealed for maritime traffic.
Iraq depends on the Strait of Hormuz to export oil from the Gulf port of Basra, which is known to have one of the largest reserves globally, approximately 90 billion barrels, and constitutes about 90% of the country’s oil exports, Birol indicated to the newspaper.
“The vase has been broken once, and it’s very hard to fix,” Birol stated, referring to the Strait of Hormuz. A new oil pipeline “is essential for Iraq and presents an opportunity for Turkey. It also represents a major chance for Europe regarding supply security. I believe this should be regarded as a strategic project.”
Also Read: Iran doubles down on closing the Strait of Hormuz as the ceasefire inches toward expiration
For this project to move forward, Turkey and Iraq must reach a political agreement, “which I believe is possible,” he noted, adding that Europe could also assist in securing financing for the initiative.
Turkey has proposed extending a Turkish-Iraqi pipeline from Ceyhan to the Kirkuk oil fields in the north as part of efforts to establish a multi-billion-dollar trade corridor that would run from Iraq’s Faw Port in the southern province of Basra to northern Turkey. Additionally, Turkey, Syria, and Jordan recently reached an agreement to modernize their railway and highway systems to ultimately create a continuous corridor linking southern Europe to the Persian Gulf.
Turkey has emerged as a more feasible option following the Israel–Hamas conflict, which hindered the advancement of the India–Middle East–Europe Economic Corridor, a US-backed initiative aimed at developing rail connections across the Arabian Peninsula. With Houthi attacks disrupting shipping in the Red Sea and rising regional instability, the IMEC is effectively stalled.
(Edited by : Juviraj Anchil)
