Iraq is waiting for Russian investments to develop an oil field

Iraq is interested in attracting Russian investments in the development of the Nasiriyah oil project with estimated reserves of more than 4 billion barrels. This was reported to Izvestia by the adviser to the Prime Minister of Iraq on economic issues, Mazhar Mohammed Saleh.

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Nasiriyah represents a major opportunity for cooperation between Iraq and Russia in the energy sector," Saleh told Izvestia.

The project is able to significantly strengthen economic relations between our countries and bring significant benefits to the Iraqi economy. It is also important for Russia, which is striving to expand its presence in the global energy market, occupying a special place in OPEC+ and strengthening its status as a reliable partner thanks to its technical and technological expertise, the source said.

"The possible amount of Russian investment in this project depends on a number of factors, including the scale of the project and the degree of involvement of the Russian company Gazprom. Investments can be significant if appropriate agreements are reached with the Iraqi side," Saleh said.

The adviser to the Prime Minister stressed that Iraq's policy of attracting Russian investment in the oil sector reflects the desire to strengthen economic cooperation with Moscow.

Earlier, the Iraqi government invited Gazprom to participate in the development of the Nasiriyah field. The head of the Ministry of Energy of the Russian Federation, Sergey Tsivilev, in February, following a meeting of the Russian-Iraqi intergovernmental commission, announced that he had been instructed to prepare a roadmap for the implementation of the project.

Read more in the exclusive Izvestia article:

Drilling site: investment from Russia in the oil industry is expected in Iraq