Cooperation between Russia and Iraq within the oil sector is “very energetic” despite all of the restrictions and the influence of the Covid-19 pandemic, in keeping with Russian Deputy Prime Minister Alexander Novak.
Novak, who beforehand served as Russia’s power minister, met on Wednesday with Iraqi Oil Minister Ihsan Abdul Jabbar to debate the prospects of the 2 international locations’ oil and fuel initiatives, in addition to the state of affairs on the worldwide oil market.
He famous the fruitful cooperation between Russia and Iraq within the oil sector, saying: “Our interplay may be very energetic, regardless of the present restrictions and the influence of the coronavirus pandemic.”
Whereas speaking concerning the current initiatives by Russian oil companies in Iraq, Novak mentioned: “Our corporations are actively implementing quite a lot of profitable initiatives on the territory of the republic. Thus far, the gathered investments of Russian oil and fuel corporations in Iraqi initiatives have exceeded $ 10 billion.”
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In response to Russian First Deputy Chair of the Federation Council Committee on Financial Coverage, Yury Fedorov, the businesses plan to spend as much as $ 20 billion on oil initiatives in Iraq.
In 2019, Russia and Iraq resumed cooperation in power infrastructure, and within the electrical energy sector specifically. Some Russian companies may assist Baghdad with the restoration and growth of electrical energy services, whereas negotiations are underway over the development of thermal energy crops utilizing the help of Russian corporations.
Iraq’s confirmed oil reserves stand at over 145 billion barrels, whereas fuel reserves exceed three.7 trillion cubic meters.
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