Oil pipeline from Iraqi Kurdistan to Turkey nears completion.

Guardian: “With an estimated 45bn barrels of reserves – the fourth largest in the world – and a century’s worth of natural gas, the Kurdistan regional government (KRG) has become a big player in a geologically exciting but politically sensitive market.” ” In just a few weeks a final section of the new pipeline from Taq Taq will tie in to the border metering station at Fishkhabour, allowing 300,000 barrels of crude a day to begin flowing into Turkey. Targets are 1m barrels a day in 2015, and 2m in 2019.
Crucially, this is being done without the approval of the federal government in Baghdad, which is locked in a bitter dispute with the KRG over the terms of the Iraqi constitution and the revenue-sharing that is supposed to flow from it.” ….Barzani had warned that the latest contacts with Baghdad were the last chance, with the oil multinationals now calling the shots. Exxon Mobil’s landmark agreement with Turkey, risking retaliation against its own operations in southern Iraq, is at odds with US government policy. Maliki has condemned it outright as illegal. But Chevron, Total and Russia’s Gazprom are taking risks too. Fifty companies have invested $20bn (£13bn).”