Wednesday 1 March 2023
Last update on Wednesday, March 1, 2023 At 11:49 AM
Russian Foreign Minister Sergey Lavrov traveled to Baghdad on February 5 accompanied by a large delegation including oil and gas companies.
If Russia is not a major trading partner for Iraq, it is on the other hand a major investor in the field of energy. The Russian Ambassador in Baghdad estimated in February 2022 that the total amount of Russian investments in Iraq since 2003 amounted to 14 billion USD.
Among the Russian companies established in Iraq:
– Lukoil represents 10% of Iraqi crude oil production via its West Qurna 2 field (operator and holder of 75% of the shares), the fourth largest in the country
– Gazprom Neft is present on the Badra oil field (75,000 b/d), in Wassit province, which also produces gas for the region’s electricity supply
– and Rosneft, which is established in Iraqi Kurdistan through its 60% stake in the pipeline to Turkey (Kirkouk – Ceyhan), operated by the Kurdish group KAR Group.
Source Embassy of France in Lebanon
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