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Türkiye to Expand Gas Export Hub to Europe, Resumes Iraqi Oil Flow

Türkiye's Energy Minister Alparslan Bayraktar at a press conference in Ankara (Reuters) t
Türkiye's Energy Minister Alparslan Bayraktar at a press conference in Ankara (Reuters) t
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Türkiye to Expand Gas Export Hub to Europe, Resumes Iraqi Oil Flow

Türkiye's Energy Minister Alparslan Bayraktar at a press conference in Ankara (Reuters) t
Türkiye's Energy Minister Alparslan Bayraktar at a press conference in Ankara (Reuters) t

Türkiye believes its presence is indispensable to the success of energy and transport corridors in the region, revealing plans to expand its gas infrastructure to facilitate the transit of Russian gas to Europe.

Turkish Foreign Minister Hakan Fidan asserted that effective, sustainable operation of energy transportation corridors without Türkiye's involvement is not possible.

Speaking at the 10th World Turkish Business Council (DTIK) Congress in Istanbul, Fidan said: "We hope to move into the implementation phase of the Development Road project, which is of great importance for prosperity and stability in the Middle East within the next few months."

He highlighted ongoing intense negotiations with Iraq, the UAE, and Qatar about the project.

Fidan emphasized the significance of new trade routes, especially in light of recent geopolitical developments, including the COVID-19 pandemic, the Russo-Ukrainian war, and the rivalry between the United States and China, or more broadly, the West and China.

He noted that these developments have revived discussions of other trade routes previously considered theoretically, emphasizing that trade routes don't merely cater to commerce but also reflect geostrategic competition.

- A gas hub

Meanwhile, Energy Minister Alparslan Bayraktar stated that Türkiye plans to expand its gas infrastructure as it lays the groundwork to establish a gas exchange from which countries in southeast Europe can source gas.

Following its incursion into Ukraine in February of the previous year, Russia proposed setting up a gas hub in Türkiye last year to replace lost sales to Europe.

Turkish President Recep Tayyip Erdogan and Russian President Vladimir Putin have given directives to commence the project.

They discussed specific steps during their recent meeting in Sochi after the project's delay due to the earthquake catastrophe in Türkiye last February and the presidential and parliamentary elections in May.

Türkiye plans to expand its gas infrastructure in northwest Türkiye's Thrace region, connecting LNG gasification terminals and an upgraded storage facility in Silivri, west of Istanbul.

Bayraktar told a press briefing on Thursday that gas coming from Azerbaijan, Iran, and Russia through pipelines could also feed into this hub and be priced in a local gas exchange.

- Iraqi Oil Exports Resumption

Furthermore, Bayraktar confirmed that Iraq's northern oil export route through Türkiye will soon be ready to resume operation after checks on pipeline maintenance and repairs to flood damage.

Bayraktar mentioned that an inspection of the oil pipeline is complete, and it will soon be "technically" ready for operations.

Türkiye halted flows on Iraq's northern oil export route on March 25 after an arbitration ruling by the International Chamber of Commerce (ICC) ordered Ankara to pay Baghdad damages for unauthorized exports by the Kurdistan Regional Government (KRG) between 2014 and 2018.

"As of today, the independent surveyor completed their survey, and now they're preparing their report," Bayraktar said without mentioning a date for resumption of oil flows.

Iraq and Türkiye previously agreed to wait until maintenance works were complete before resuming the pipeline that contributes about 0.5 percent of the global oil supply. Sources said oil flows are not expected to start before October.

The Kurdistan Regional Government lost roughly $4 billion in lost exports.

- Nuclear power plant

The Minister revealed that the ongoing negotiations with Russia, China, and South Korea regarding constructing a second nuclear power station in Thrace, northwestern Türkiye, are progressing.

"We came to a very important point that we need to finalize [the deal] in a few months," said Bayraktar.

He also pointed to ongoing talks with Russia concerning the third nuclear power station in the Sinop.

Bayraktar said Türkiye needs to produce 20 gigawatts from the nuclear power plants in the future.

Russia is currently constructing the Akkuyu station, Türkiye's first nuclear power plant, situated in Mersin.

Bayraktar revealed that Türkiye aims to establish a broader nuclear ecosystem that requires atomic power to transition to clean energy by 2050.

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Business

Iraq Resumes Limited Oil Exports via Türkiye

Iraq's Oil Minister Hayan Abdel Ghani during a meeting on December 28, 2025. (Iraqi Ministry of Oil)
Iraq's Oil Minister Hayan Abdel Ghani during a meeting on December 28, 2025. (Iraqi Ministry of Oil)
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Iraq Resumes Limited Oil Exports via Türkiye

Iraq's Oil Minister Hayan Abdel Ghani during a meeting on December 28, 2025. (Iraqi Ministry of Oil)
Iraq's Oil Minister Hayan Abdel Ghani during a meeting on December 28, 2025. (Iraqi Ministry of Oil)

Iraq announced on Wednesday it had resumed limited oil exports of 250,000 bpd through the Turkish port of Ceyhan after the country's output plunged due to disruptions in the Strait of Hormuz.

A founding member of the OPEC cartel, crude oil sales make up 90 percent of Iraq's budget revenues. Before the outbreak of war on February 28, Iraq mainly shipped its oil -- roughly 3.5 million barrels per day -- from the southern Basra fields via the Strait of Hormuz.

The state-owned North Oil Company said it "has begun operating the Sarlo pumping station to resume pumping and exporting Kirkuk oil to the port of Ceyhan with an initial capacity of 250,000 barrels per day".

Iraq resumed oil exports from its fields in the northern Kirkuk province "after a disruptive period that posed a significant challenge to the oil sector," and in agreement with the autonomous Kurdistan Region, through which the pipeline to Türkiye’s port of Ceyhan runs.

Iraq has been scrambling to find a solution to export its oil, and there have been long-running talks with Iraqi Kurdistan to ship it through the autonomous region.

Kurdish authorities had asked for several measures in return, before agreeing to let the oil flow through the region's pipeline.

The Kurdistan natural resources ministry said that the Sarlo oil station began operating at 6:30 am (0330 GMT) to enable exports via the Kurdistan region pipeline to the port of Ceyhan.

Iran has closed the strait, through which as much as a fifth of the world's global crude oil and liquefied natural gas is normally shipped, to vessels from most countries.

Iraq's Oil Minister Hayan Abdel Ghani said his country was in contact with Iran to try to arrange passage for some of its oil tankers through the waterway.

Business

Stocks Extend Gains and Oil Dips as US, Israel, Iran Continue Strikes

An oil tanker sits at Viva Energy Australia’s Gore Bay fuel terminal overlooking the city skyline in Sydney, Australia, March 18, 2026. (Reuters)
An oil tanker sits at Viva Energy Australia’s Gore Bay fuel terminal overlooking the city skyline in Sydney, Australia, March 18, 2026. (Reuters)
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Stocks Extend Gains and Oil Dips as US, Israel, Iran Continue Strikes

An oil tanker sits at Viva Energy Australia’s Gore Bay fuel terminal overlooking the city skyline in Sydney, Australia, March 18, 2026. (Reuters)
An oil tanker sits at Viva Energy Australia’s Gore Bay fuel terminal overlooking the city skyline in Sydney, Australia, March 18, 2026. (Reuters)

Oil prices sank Wednesday after Iraq said it had resumed exports through Türkiye, avoiding the effectively closed Strait of Hormuz, while equities rose following another tech-led advance on Wall Street.

The drop in crude, which saw WTI sink more than four percent, came even as the United States hit Iranian missile sites near the key Strait of Hormuz and Tehran struck crude-producing Gulf neighbors.

While the war in the Middle East shows no sign of ending and oil has stuck around $100 a barrel -- threatening to fuel a fresh inflation spike -- equity traders have shifted back into the market after the steep losses suffered at the outset of the conflict.

However, analysts warned the positive mood could fade if the crisis drags on and energy costs spiral with Hormuz -- through which a fifth of global oil and gas flow -- effectively closed by Iran as an economic weapon.

That comes with central banks weighing the need for lower interest rates to support the economy and the prospect of rising prices, which would need higher borrowing costs.

In a bid to ease traffic through the crucial Strait, US forces dropped several 5,000-pound (2,250 kg) bombs on "hardened Iranian missile sites" near the coast, Central Command said.

US President Donald Trump on Tuesday fumed that allies, which have largely distanced themselves from his war, were not lining up to help escort tankers through the waterway.

The attacks came as Israel announced it had killed security chief Ali Larijani, a key force leading Iran since the death of Supreme Leader Ali Khamenei in the first strikes of the war.

Meanwhile, Saudi Arabia intercepted six drones and Kuwait's air defenses responded to a rocket and drone attack, two people were killed by missiles near Tel Aviv, and Qatar said it intercepted a missile attack as blasts were heard in Doha.

Israel also hit a central Beirut neighborhood as it looks to take out the Iran-backed Hezbollah.

Rystad Energy estimated just 12.5 million barrels per day of Middle Eastern oil remains online, down from the 21 million per day pre-war base.

"But the 12.5 million bpd figure is not secure," Rystad said. "If the (Hormuz) situation persists, the drop in departures could start feeding through into additional export losses in the weeks ahead, as producers face growing difficulty moving crude out of the Gulf."

Still, oil prices fell as Iraq said it had resumed limited oil exports through Türkiye.

State-owned North Oil Company said it "has begun operating the Sarlo pumping station to resume pumping and exporting Kirkuk oil to the port of Ceyhan with an initial capacity of 250,000 barrels per day".

West Texas Intermediate lost more than four percent to strike just below $92, while Brent shed almost three percent to just above $100.

Stocks continued to defy gravity following gains on Wall Street that were helped by tech giants including Apple and Amazon.

Seoul jumped more than five percent thanks to a surge in chip giants Samsung and SK hynix. The Kospi, however, is still more than six percent down from the record highs touched before the war broke out.

Tokyo was up 2.9 percent, while Hong Kong, Shanghai, Taipei, Sydney, Singapore, Mumbai, Bangkok and Wellington also rallied.

"Asia is picking up the baton with a cautiously constructive tone... all of it leaning on the signal from Wall Street where the S&P and Nasdaq have now strung together a second day of gains, suggesting the market is actively choosing to look through the geopolitical noise," wrote SPI Asset Management's Stephen Innes.

However, Fawad Razaqzada at Forex.com warned traders might rethink their positions the longer the conflict rumbles on.

"If the war continues then the US and Israel will have to continue alone, because other NATO members have decided against joining the conflict," he wrote.

"This may work in favor of Iran keeping the Strait of Hormuz closed for longer."

Focus is also on the Federal Reserve's policy meeting that concludes later Wednesday.

The bank is expected to keep borrowing costs on hold but it will release its "dot plot" forecast for rates in the coming months, amid speculation it could be forced to hike again.

Business

US, South Korea to Build Largest AI Data Center in Seoul

Nvidia's CEO Jensen Huang during a keynote address at Nvidia's GTC Conference in San Jose, California (AP)
Nvidia's CEO Jensen Huang during a keynote address at Nvidia's GTC Conference in San Jose, California (AP)
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US, South Korea to Build Largest AI Data Center in Seoul

Nvidia's CEO Jensen Huang during a keynote address at Nvidia's GTC Conference in San Jose, California (AP)
Nvidia's CEO Jensen Huang during a keynote address at Nvidia's GTC Conference in San Jose, California (AP)

A Nvidia-backed US startup and a Korean conglomerate announced plans on Tuesday to build an artificial intelligence data center that will reportedly be the largest in South Korea.

The Trump administration hailed the deal as a win for its AI export program as it races against China for dominance in the fast-evolving sector, according to AFP.

New York startup Reflection AI and retail giant Shinsegae Group said their data center would have a massive energy capacity of 250 megawatts.

The Chosun Ilbo and other Korean news outlets said that it would make it the country's largest data center running the AI systems that power chatbots, image generators and similar tools.

The companies said the data center, equipped with servers from US titan Nvidia, would serve businesses across South Korea.

It will offer “fully sovereign frontier capabilities built and operated on home soil,” said their announcement published early Tuesday Seoul time.

So-called sovereign AI has become a priority for many countries hoping to reduce dependence on foreign platforms while ensuring systems respect local regulations, including on data privacy.

US Under Secretary of State for Economic Affairs Jacob Helberg hailed the deal on X, saying that “the countries that will define the future of AI governance are the ones building the infrastructure now.”

He wrote, “America's job is to make sure our allies are building it with us.”

South Korea, home to major memory chip makers Samsung Electronics and SK hynix, has said it aims to join the US and China as one of the top three artificial intelligence powers.

“We're building AI infrastructure that the Republic of Korea can control, audit and evolve on its own terms,” Reflection AI's CEO and co-founder Misha Laskin said.

Reflection AI, founded in 2024, is part of a collaboration led by Nvidia to advance frontier-level AI.

Reema Bhattacharya, head of Asia Research at risk intelligence company Verisk Maplecroft, told AFP that “from Washington's perspective, deals like this help strengthen partner ecosystems and reduce reliance on China.”

But most Asian governments are not looking to be drawn into that binary, she said.

“In practice, that means you'll see countries quietly balancing US partnerships on their terms, while making strategic concessions to China to keep relationships stable,” Bhattacharya explained.

She added that full AI self-sufficiency was “not a realistic goal for most Asian countries in the near term.”

“What I'm seeing instead is a more pragmatic objective of reducing vulnerability in an ecosystem heavily shaped by US and Chinese dominance in models, chips, and talent,” she said.