Russia increases its oil and gas investments in Iraq

Russia’s Ambassador to Baghdad, Maxim Maksimov, said today, Thursday, February 28, 2019, that Russian investments in the Iraqi oil and gas sector have reached more than $10 billion.

He stressed that Russian companies were planning to increase this figure and did not intend to stop there.

The Russian ambassador said that LUKOIL is currently implementing the project to develop the al-Qarna al-Gharbiyya field, which began in March 2014 with an extraction of 400 barrels per day.

Without further details, he added that this Russian company was also currently implementing the “Block 10” plan in Iraq.

According to the Russian ambassador, Gazprom is also currently carrying out a project in the Badra region of Iraq’s Wasit province.

Maksimov confirmed that Russian companies were preparing future investments and expanding their presence in Iraq’s oil and gas fields.

Experts believe that the current development of relations between Baghdad is the result of mutual will and that, on this basis, Russian companies’ participation in the reconstruction of Iraq and their investment in the oil sector should be further strengthened.

As the Russian media have already confirmed, this cooperation will not be limited to economic sectors and Iraq will continue to increase its political relations with Moscow in order to increase its room for manoeuvre in the face of American pressure in the coming years.

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