Official: Türkiye seeks to turn Ceyhan into major global oil trading hub

Türkiye aims to transform the Mediterranean port of Ceyhan into a major international energy and trading hub comparable to Rotterdam, Turkish Energy and Natural Resources Minister Alparslan Bayraktar said.

Speaking on a local television channel, Bayraktar said the government plans to expand Ceyhan's role beyond the storage of crude oil and petroleum products by developing it into a centre where oil is traded and prices are determined, Caliber.Az reports via local media. 

"We aim to transform the port of Ceyhan into a hub similar to Rotterdam—Europe’s largest logistics hub for the import of crude oil and petroleum products on the continent," Bayraktar said.

The minister said closer energy cooperation with neighbouring Iraq would be a key driver of the project. He noted that around 750,000 barrels of Iraqi oil are expected to be delivered to Ceyhan over the coming year.

Bayraktar added that construction of a pipeline linking southern Iraq to Kirkuk, where it would connect to the existing pipeline leading to Ceyhan, could significantly increase export capacity.

“If an oil pipeline is built from southern Iraq to Kirkuk, where it will connect to the existing pipeline heading toward Ceyhan, we will be able to increase supply volumes to 2.5 million barrels and thereby achieve an economic return of $65–70 billion per year,” he said.

According to the minister, Iraq currently produces around 4 million barrels of oil per day, while global oil consumption is approximately 103 million barrels per day.

“About 1.5% of this volume could be pumped to world markets via Ceyhan,” Bayraktar said.

He also highlighted the potential role of the Development Road transportation and logistics initiative, which is designed to connect southern Iraq with the Turkish border and onward to Europe. Bayraktar said the project could boost regional trade in energy resources, including oil, natural gas and electricity.

By Sabina Mammadli