On Tuesday, Russian President Vladimir Putin announced the value of Russian investments in Iraq, adding that it totals 19 billion dinars, in addition to 50 enterprises working in Iraq.
The Russian President made the remarks during negotiations with Iraqi Prime Minister Muhammad Shia’a al-Sudani, who arrived in Moscow earlier today.
Putin stated that Moscow and Baghdad are successfully coordinating activities within the framework of “OPEC+” to achieve global energy market stability. “We are coordinating work within “OPEC+” and we are doing so with great success with the goal of achieving stability in global markets, and I hope that we will continue,” he added. Working with this method.
The Russian President went on to say that the energy sector is a key area of cooperation between Russia and Iraq, which is a member of the Organization of Petroleum Exporting Countries (OPEC).
Regarding the magnitude of Russian investments in Iraq, Putin stated, “Our major companies operate with great success in your country (Iraq).” Our firms’ overall investments totaled around 19 billion USD. There is potential for further collaboration growth.”
Moscow and Baghdad have strategic and historical ties, and over 50 Russian firms, notably Lukoil and Gazprom Neft, the oil branch of the Russian giant Gazprom, presently operate in Iraq.
Russia is now conducting a big project in Ramadi, Anbar Governorate, to repair and upgrade a plant for the manufacturing of glass and ceramic items. For the benefit of the Iraqi Ministry of Industry and Mineral Resources, a Russian industrial alliance has commenced the practical implementation of this project.