Moscow oil sector investments in Iraqi projects exceed $10 Billions

Moscow oil sector investments in Iraqi projects exceed $10 Billions

Russia cooperation with Iraq in the oil sector is “very active” in spite of sanctions and restrictions and the impact of the global pandemic, according to Russian Deputy Prime Minister Alexander Novak.

Novak, a former energy minister of Russia Federation, met on Wednesday March 3 with Iraqi Oil Minister Ihsan Abdul Jabbar to discuss the prospects of the two new oil and gas projects, as well as the situation on the global oil market. 

“Our interaction is very active, despite the current restrictions and the impact of the coronavirus pandemic,” Novak said.  

 “Our companies are actively implementing a number of successful projects on the territory of the republic. To date, the accumulated investments of Russian oil and gas companies in Iraqi projects have exceeded $10 billion,” he added.

According to Russian First Deputy Chair of the Federation Council Committee on Economic Policy, Yury Fedorov, the energy companies plan to spend up to $20 billion on oil projects in Iraq.

Since 2019, the two countries resumed cooperation in energy infrastructure, and in the electricity sector.

Iraq’s proven oil reserves stand at over 145 billion barrels, while gas reserves exceed 3.7 trillion cubic meters

George Costa

George Costa is a reporter specialized in defence and security systems. He covers international defence and security issues, such as international conflicts, WMD proliferation, and cybersecurity, as well as news reporting on developments in the global defence community.