Turkey and Iraq have a long history of cooperation and partnership, and this bond is set to become stronger as Turkey has recently submitted a draft proposal to Iraq to renew and broaden their energy agreement. This proposal covers cooperation in the fields of oil, gas, petrochemicals, and electricity, and it has the potential to bring significant benefits to both countries.
The existing energy agreement between Turkey and Iraq was signed in 2014 and has been instrumental in meeting the energy needs of both nations. However, with the changing dynamics of the energy sector and the growing demand for cleaner sources of energy, it was imperative to review and expand the scope of this agreement. This is exactly what Turkey has proposed, and it has been met with great enthusiasm by Iraq.
The proposed agreement includes the renewal of existing contracts for the supply of oil and natural gas from Iraq to Turkey. This is a crucial element as Turkey heavily relies on Iraq for its energy needs, with nearly 30% of its oil imports coming from its neighbor. The renewal of these contracts will not only ensure a steady and reliable supply of energy for Turkey but also strengthen the economic ties between the two nations.
The draft proposal also seeks to broaden the cooperation between Turkey and Iraq in the field of petrochemicals. This is a significant step as it not only diversifies the energy partnership but also opens up new avenues for trade and investment. Turkey has a well-developed petrochemical industry, and with Iraq’s vast reserves of natural gas, the potential for collaboration is immense. This will not only benefit both countries but also contribute to the stability and growth of the region.
Another notable aspect of the proposed energy agreement is the inclusion of cooperation in the electricity sector. This is a crucial step towards meeting the growing electricity demand in both countries. Turkey has been a net exporter of electricity, and with the expansion of its domestic renewable energy sources, it has the potential to become a regional energy hub. By collaborating with Iraq, Turkey can not only meet the energy needs of its neighbor but also create opportunities for cross-border electricity trade.
The draft proposal has been positively received by Iraq, with the Iraqi Minister of Oil, Ihsan Abdul Jabbar Ismail, stating that “this agreement will have a positive impact on the economies of both countries and enhance their mutual relations.” This sentiment is echoed by Turkish officials, who have emphasized the importance of this agreement in strengthening the bilateral ties between the two nations.
Apart from the economic benefits, this proposed energy agreement also has significant political implications. Turkey and Iraq have been key allies in the fight against terrorism and have stood together in the face of regional challenges. This energy agreement will further cement this partnership and create a more stable and secure region for both countries.
In addition to the proposed energy agreement, Turkey and Iraq continue to collaborate in other sectors, including trade, defense, and infrastructure. The two countries have also been working closely to address the challenges posed by the COVID-19 pandemic and have provided mutual support in the form of medical supplies and expertise.
In conclusion, Turkey’s draft proposal to renew and broaden the energy agreement with Iraq is a significant step towards deepening the partnership between the two nations. The scope of this agreement, covering oil, gas, petrochemicals, and electricity, has the potential to bring immense benefits to both countries. Furthermore, it highlights the strong bonds of friendship and cooperation that exist between Turkey and Iraq. As the proposal moves forward, it is expected to further strengthen the bilateral relations and contribute to the development and prosperity of both nations.