UPDATE: Turkey, Kurdistan push toward massive deal

In negotiations with the KRG and several companies, Turkish leaders have outlined a package of upstream investment and pipeline construction. A final decision is imminent.
Turkish Energy Minister Taner Yildiz (L) and KRG Minister of Natural Resources Ashti Hawrami at a press conference in Erbil, May 21, 2012, after announcing joint cooperation on oil, gas and fuel exports. (AZAD LASHKARI/Reuters)

ANKARA/ERBIL - Leaders in Turkey and Iraq's semi-autonomous region of Kurdistan are negotiating to finalize a massive deal for Turkish state-backed oil and gas development and the construction of pipelines.

"We are having serious discussions with the company," said KRG Prime Minister Nechirvan Barzani, referring to a new state-backed company that is being created to carry out the deal. "We hope they participate in the region."

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