All news

Russian oil and gas companies’ investments in Iraq may triple, says senator

In 2019 Russia and Iraq resumed cooperation in the electricity sector

MOSCOW, February 10. /TASS/. The total investment of Russian oil and gas companies in Iraq may increase three times, First Deputy Chairman of the Committee on Economic Policy at the Federation Council Yury Fedorov said at a meeting with Iraqi Ambassador to Russia Abdul-Rahman Al-Husseini.

The Federation Council is the upper chamber of the Russian parliament.

"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 bln. 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," he said.

"Our companies such as Zarubezhneft, Tatneft and Rosneftegaz also show a high degree of interest," Fedorov added.

The senator recalled that in 2019 Russia and Iraq resumed cooperation in the electricity sector. According to him, negotiations are underway on the construction of thermal power plants in Iraq, which implies participation of Russian companies.

"We intend to assist Iraqi friends in sooner restoration and further development of their electric power facilities," Fedorov stressed.