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Turkish Topco discovers new Iraqi Kurdistan oil
reserves
2.7.2007
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July 2, 2007
Kurdistan region (Iraq), -- The Iraqi Oil
Minister stated that international oil companies
have recently been searching for new oil reserves
throughout the Kurdistan region and that the Topco
Turkish Company has discovered three oil fields in
the Taq Taq which are expected to produce around
75,000 barrels per day (bpd), Iraq Directory
reported.
It was also stated that the Kurdistan region
represents 2.9 percent of the country's oil reserves
and is estimated to have 115 billion barrels of oil.
It is noteworthy that Iraq's Kurdistan region is to
receive a total of seventeen percent of Iraq's
overall revenues after an agreement was made between
the Kurdistan Regional Government (KRG) and the
Iraqi Central Government.
Business booms between Turkey and Iraqi Kurdistan
"Turkey is by far and away our most important
trading partner," says Aziz Ibrahim Abdo, general
director at the Ministry of Trade in the Iraqi
Kurdistan capital Erbil. "You can see that by looking
around you."
The statistics back him up, too. In Erbil, 380 out
of 500 foreign companies are Turkish. In Duhok, a
city farther west, 65 percent of contracts worth
about $350 million so far this year have gone to
Turkish companies.
Worth another $350 million and $300 million,
respectively, brand new airports in Erbil and
Sulaimaniyah are Turkish products.
Another Turkish company won a $260 million bid to
build a new university campus in Sulaimaniyah.
"The quality of Turkish work is good, and they're
much more trustworthy than the Iranians," said
Ibrahim Sofy, deputy head of Erbil's Chamber of
Commerce.
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