Turkey will host a four-way summit with Iraq, Qatar and the United Arab Emirates on Aug. 29 to discuss an ambitious multi-billion-dollar project to connect the Iraqi port of Basra on the Persian Gulf to Turkey and beyond, Turkish Transport and Infrastructure Minister Abdulkadir Uraloglu said on Friday.
The meeting will bring together relevant ministers from all three states at the Dolmabahce Palace, home to the last Ottoman sultan, where “significant decisions” will be made, Uraroglu told Turkish state broadcaster TRT. Qatar and the UAE are potential investors in the project.
The estimated $20 billion project was formalized during Turkish President Recep Tayyip Erdogan’s official visit in April to Baghdad and will link the al-Faw port in Basra that is currently under construction to Turkey via a 1,275-kilometer (792-mile) rail and road network. Abu Dhabi’s AD Ports Group has inked a preliminary deal with Iraq’s General Company for Ports of Iraq to develop al-Faw and its planned economic zone.
Iraq is home to roughly 10% of global oil reserves and accounts for 5% of global production. Energy will hence play a pivotal role in the scheme. The Iraqi government reckons that once completed, the project will significantly reduce the cost of trade between China and Europe.
