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    Tuzmen: Iraq debts deferred until late 2006

    Hürriyet Haber
    21.02.2006 - 10:03 | Son Güncelleme:

    Turkish Trade Minister Kursad Tuzmen said on Monday that Turkey would allow more time to Iraq for the repayment of debts worth some $1.02 billion. The debt owed to Turkish firms is for oil products which have already been delivered. "In this framework, the payments will be made in full by the end of the year in equal monthly instalments and with a 3% arrears interest," Tuzmen said after talks with a delegation from the Iraqi oil ministry.

    Tuzmen added that, "The volume of oil products transit trade this year was expected to amount to more than $2 billion and that an agreement had been reached on the form of delivery and payment."

    Turkish firms stopped selling oil products to Iraq in early January because of debts outstanding. In 2005, Turkish exports to Iraq exceeded $2.7 billion, while oil products transit trade totalled $2.5 billion.

    Tuzmen noted that Turkey's goal is to increase its trade volume with Iraq to $10 billion within three years.

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