Iraq Signs Oil Deal with Turkey

(Ankara, Turkey) The deal appears to be a monumental step forward for both Iraq and Turkey. Turkey gets access to the world's second-largest known oil reserves and Iraq gets to send its product to market via a viable route that bypasses the Persian Gulf.

From Turkish Daily News:

A visit by the prime minister to Iraq last week paved the ground for a new era between Ankara and Baghdad, setting the ground for immense energy cooperation between the two countries as various agreements were reached.

A landmark consensus to secure Turkey's rights to Iraqi oil, which grants authorization to the Turkish Petroleum Corporation, or TPAO, for oil exploration, drilling and marketing, was reached in a written document signed by the Iraqi oil minister at the last minute.

Details still need to be worked out.