Kirkuk oil sales up for bid again

BAGHDAD, Nov. 13 (UPI) -- Iraq is inviting 16 U.S. and European companies to bid for oil from Kirkuk oil fields that has made it to Turkey despite threats to the pipeline.

The northern Iraq pipeline has largely been out of service since 2003 as insurgents target it. But it appears reconstruction and a new security strategy by the Iraqi government has been working.

Attacks have taken less of a toll over the past few months, and there has been enough oil at the port of Ceyhan, Turkey, to sell about 20.1 million barrels, the Middle East North Africa Financial Network reports.

The pipeline has an official capacity of 1.5 million barrels per day, but with the war capacity is nearer to 700,000.

A top Iraq official told MENAFN the companies are asked to bid on three-month contracts at about 300,000 barrels per day.