On Tuesday, Russian President Vladimir Putin announced that Russian companies have invested 19 billion dinars in Iraq and that 50 Russian companies are operating in Iraq.
The Russian President met with Iraqi Prime Minister Muhammad Shia’a al-Sudani in Moscow on Tuesday.
During a recent statement, Putin mentioned that Moscow and Baghdad are effectively working together within the framework of “OPEC+” to achieve stability in the global energy markets. He stated that they are coordinating their efforts with great success, and their ultimate goal is to maintain stability in the market. Putin expressed his hope that this approach will continue to be effective in the future.
The President of Russia stated that the energy sector remains a significant area of cooperation between Russia and Iraq, which is a member of OPEC.
During a discussion about Russian investments in Iraq, Putin stated that Russian companies are operating successfully in Iraq and have invested approximately $19 billion. He also mentioned that there are opportunities for further cooperation and development.
Moscow and Baghdad share a strategic and deep-rooted history. Presently, there are around 50 Russian companies in operation in Iraq, with Lukoil and Gazprom Neft, the oil subsidiary of the Russian firm Gazprom, being among them.
The Russian industrial alliance is currently working on a major project to rebuild and modernize a factory that produces glass and ceramic products in the city of Ramadi, located in the Anbar Governorate. The project is being implemented in collaboration with the Iraqi Ministry of Industry and Mineral Resources.
