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Russian oil & gas firms plan to invest $20 BILLION in Iraq’s energy industry

RT | February 11, 2020

Russian oil and gas companies could triple their investments in Iraq in the near future, Yury Fyodorov, first deputy chairman of the Economic Policy Committee at the Russian Federation Council, has announced.

The companies may spend up to $20 billion on oil projects in Iraq, Fyodorov said at a meeting with Iraqi Ambassador to Russia Abdul-Rahman Al-Husseini, according to Russian media.

“Today, our leading oil and gas companies such as Lukoil, Bashneft, Gazprom Neft are actively working in your country. The total investment has exceeded $10 billion,” the official said on Monday. He added that other companies, such as Zarubezhneft, Tatneft, and Rosneftegaz are also interested in working in Iraq.

“We are exploring the possibility of diversifying the activities of Russian operators, in particular by connecting them to the gas sector. According to preliminary forecasts, this could triple our companies’ investment.”

Last year, Russia and Iraq resumed cooperation in energy infrastructure, and in the electricity sector in particular. Some Russian firms could help Baghdad with the restoration and development of electric power facilities, while negotiations are under way over the construction of thermal power plants using the assistance of Russian companies.

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

February 11, 2020 - Posted by | Economics | ,

2 Comments »

  1. “Russian oil & gas firms plan to invest $20 BILLION in Iraq’s energy industry”
    “The companies may spend up to $20 billion on oil projects in Iraq”

    So? Is that Good? or bad?……Sounds like classical “Free Enterprise” to me……It sounds like the Iraqi’s favour Russia over the USA……..I wonder why?

    Like

    Comment by Brian Harry, Australia | February 13, 2020 | Reply

    • It shows that the invasions of Iraq were about destroying its military and installing ZioUSUK airbases. All for Israel, not “war for oil.”

      Like

      Comment by aletho | February 13, 2020 | Reply


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