Oil-for-Construction Agreement on the Agenda for the Development Road Project

Erdal Eren, President of the Turkish Contractors Association, announced that the Development Road Project, which will connect Basra to Europe, will be carried out by Turkish contractors in exchange for Iraqi oil due to Iraq's lack of funding.

New Era in the Project and Oil-for-Construction Agreement

Erdal Eren made important statements regarding the Development Road Project, which envisions railway transportation from Basra to Europe. He stated that countries such as the UAE and Qatar have withdrawn from the project.

It was stated that due to the lack of cash in Iraq, an infrastructure agreement in exchange for oil between Turkey and Iraq has come to the agenda, and that this process is now nearing completion.

Financing and Oil-for-Construction Model

According to the upcoming agreement, a certain portion of Iraqi oil will be allocated to Turkey for development road and water projects. In return for the value of this oil, Turkey will undertake the relevant construction projects.

It was reported that a cost figure between 15 and 17 billion dollars is being discussed just for the railway section of the project, and that this financing will be met with oil to be delivered by Iraq within 3 to 4 years.

Investments in Portugal and Status of Expatriate Workers

Erdal Eren expressed that as Turkish contractors, they also want to get a share of the large-scale infrastructure investment preparation of 60 billion dollars brought to the agenda by Portugal.

It was conveyed that the number of Turkish workers abroad has dropped to 15,000 due to lawsuits and compensations filed, which has forced them to employ blue-collar workers from Bangladesh, Vietnam, and the Philippines.