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

According to Russian media, 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.

Russia’s leading oil and gas companies such as Lukoil, Bashneft, Gazprom Neft are actively working in Iraq.

The total investment has exceeded $10 billion and other companies, such as Zarubezhneft, Tatneft, and Rosneftegaz are also interested in working in Iraq.

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.

RT. com / ABC Flash Point Oil News 2020.

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