Turkey eyes $80 billion annual boost from proposed energy corridor linking Gulf to Europe
Turkey's energy minister says the Development Road Project could become an oil, gas and electricity corridor worth about $80 billion a year.
Speaking after Iraqi Oil Minister Basim Mohammed Khudhair's visit to Ankara, Energy and Natural Resources Minister Alparslan Bayraktar presented the Development Road Project as a future energy corridor linking the Persian Gulf with Turkey and Europe via road and rail. He highlighted its potential to transport up to 2.5 million barrels of oil per day, which could yield $65-70 billion in annual economic value. The minister also noted that Qatar could route gas through Iraq and the corridor, diversifying its export options beyond LNG and the Strait of Hormuz.
By keeping part of the gas in Turkey and sending the rest to Europe, the combined oil and gas trade could reach an estimated $80 billion each year. Bayraktar stressed that the initiative would strengthen energy ties between Turkey and Iraq and create a major international trade artery.
Why it matters
The corridor could reshape regional energy flows and boost economic activity across the Middle East and Europe.
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