A delegation of high level officials from Iraqi State Oil Marketing Organization (SOMO) is set to arrive in Turkey late March to meet Turkish officials to discuss operation of oil fields in Iraq and Turkey, as well as construction of new pipelines and refineries.

Iraqi and Turkish officials plan to start working on March 24 to prepare a "joint work plan".

Turkey and Iraq aims to increase the capacity of existing pipeline between Kirkuk and Yumurtalik by laying new pipes. Turkish and Iraqi officials are expected to reach a deal at the end of this month on a pre-agreement that will allow Iraq to export its natural gas and crude oil to Europe via Turkey, the only "feasible route", according to sources.

Iraq has proven oil reserves of around 115 billion barrels, which makes up nearly 10 percent of total oil reserves on earth.