By Akanimo Sampson

Russian oil and gas companies are currently considering to pump in $20 billion on oil projects in Iraq.

Last year, Russia and Iraq resumed cooperation in energy infrastructure and in the electricity sector in particular.

The First Deputy Chairman of the Economic Policy Committee at the Russian Federation Council, Yury Fyodorov, says Russian oil and gas companies could triple their investments in Iraq in the near future.

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, according to Russian media.

“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 billion”, the official reportedly said on Monday, adding that other companies, such as Zarubezhneft, Tatneft, and Rosneftegaz are also interested in working in Iraq.

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.

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.

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