Turkey and Iraq have signed a 400 million dollar (GBP 160 million sterling) contract to build a pipeline, linking the Kirkuk oilfields in Northern Iraq and the Mediterranean.
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Background: Turkey and Iraq have signed a 400 million dollar (GBP 160 million sterling) contract to build a pipeline, linking the Kirkuk oilfields in Northern Iraq and the Mediterranean. The signing on Tuesday (28 August) followed talks in Istanbul between Turkish officials and the Iraq Foreign Minister, Mr. Abdul Baki.
The 750-mile (1200 km) pipeline will go into operation in 1977 and will pump 25 million tons of crude oil a year. Ten million tons will go to Turkey, and the remainder will be for export.
Turkey is expected to bear three-quarters of the cost, as the bulk of the line is over its territory. The total cost should be recouped in six years, as Turkey expects to earn 75 million dollars (GBP 30 million sterling) annually in the first two years; and more than 100 million dollars (GBP 40 million sterling) a year thereafter.