Iraq has invited local and international companies to invest in the oil export pipeline extension, which extends from the Kirkuk oilfield to the Iraqi-Turkish border, a media report said.

The new project will run side-by-side with the old strategic pipeline to the Turkish port of Ceyhan, added the Iraq Business News report.

The pipeline will run for over 350 km, and will be 48 inches in diameter, Assim Jihad, the spokesman of the Ministry of Oil, was quoted as saying in the report.

It will be able to transport 1 million barrels per day (bpd) and will be built on a BOOT basis investment method, which includes the construction, property, operation and property transfer, he added.

The project includes also the construction of a gas pipeline, pumps and reservoirs, in addition to the other completed accessories and services. The contract also commits the winner consortium companies to share with the local companies with 25 per cent or more of the project proportion within the consortium.

The last date for the companies to present their participation letter is January 24, Jihad said.