On Tuesday, Russian President Vladimir Putin announced that Russian companies have invested 19 billion dinars in Iraq, with 50 companies currently operating in the country.
The Russian President met with Iraqi Prime Minister al-Sudani in Moscow on Tuesday.
During a recent meeting, Putin expressed that Moscow and Baghdad are effectively collaborating within the framework of “OPEC+” to ensure stability in global energy markets. He stated, “We are successfully coordinating work within “OPEC+” to achieve stability in global markets and we hope to continue working with this approach”.
The Russian President stated that the energy sector is a major area of cooperation between Russia and Iraq, an OPEC member.
During a discussion about the size of Russian investments in Iraq, President Putin stated that Russian companies have been operating in Iraq with great success. He mentioned that the total investment made by Russian companies in Iraq is around 19 billion dollars. Putin also expressed his optimism about the future prospects for further cooperation and development between the two countries.
Moscow and Baghdad have a long-standing relationship, with around 50 Russian companies, including Lukoil and Gazprom Neft, operating in Iraq.
A Russian industrial alliance is currently undertaking a major project to reconstruct and modernize a factory in the city of Ramadi, located in the Anbar Governorate, for producing glass and ceramic products. This project is aimed at benefitting the Iraqi Ministry of Industry and Mineral Resources and its implementation is already underway.