Latest news with #Kutrashev
Iraqi News
08-05-2025
- Business
- Iraqi News
Russia's investments in Iraq's energy sector rise to $20 billion
Baghdad ( – The Russian Ambassador to Iraq, Elbrus Kutrashev, revealed on Wednesday that Moscow's investments in the Iraqi oil and gas sectors rose to $20 billion compared to $19 billion in 2024. In a statement to Shafaq News, Kutrashev explained that three Russian companies are now engaged in oil production in Iraq, under agreements with the Iraqi government, while a fourth company is getting ready to begin operations in the gas industry. Kutrashev clarified that Russia's investments in Iraq are a reflection of the two countries' increasing economic and energy cooperation. According to a report issued in April 2024 by the Primakov Center for Foreign Policy Cooperation in Moscow, cooperation between Russia and Iraq is expanding, especially in the fields of logistics and energy. The report mentioned that over $19 billion is being invested in Iraq by Russian oil and gas corporations, including Lukoil, Gazprom, and Rosneft, with the majority of these projects focused on the energy sector. The two countries are also working to achieve synergy between Iraq's strategic project of the Development Road and Russia's International North–South Transport Corridor (INSTC), a 7,200-kilometer-long multi-mode network of ship, rail, and road routes for moving freight between Asia and Europe. In February, the Iraqi Foreign Minister, Fuad Hussein, announced that Iraq and Russia signed memoranda of understanding in the fields of energy, health, maritime transport, and commerce. In a joint press conference with the Russian Energy Minister, Sergei Tsivilev, Hussein indicated that he had an important meeting with the Russian side on the sidelines of the Russia-Iraq Intergovernmental Commission on Trade, Economic, and Scientific-Technical Cooperation. Hussein noted that Russian companies have investments worth $19 billion in Iraq and that Russian oil companies have major activities in the Kurdistan region of Iraq. Tsivilev said that Russia seeks to strengthen bilateral relations with Iraq and that the two countries will examine their current agreements and consider the prospect of signing new ones in order to promote more active commercial collaboration.
Shafaq News
08-05-2025
- Business
- Shafaq News
Russian Ambassador: Moscow boosts Iraq's energy investments
Shafaq News/ Russian oil and gas investments in Iraq have risen to $20 billion, up from $19 billion, marking what Ambassador Elbrus Kutrashev on Wednesday described as a sign of strengthening economic and energy ties between the two countries. In an interview with Shafaq News Agency, Kutrashev clarified that three Russian companies are currently operating in Iraq's oil sector, while a fourth is preparing to enter the gas market. A report from the Primakov Center for Foreign Political Cooperation in Moscow highlighted growing ties between Iraq and Russia, particularly in energy and logistics. Both countries are working to align Iraq's 'Development Road' initiative with Russia's 'North-South Corridor' to enhance trade between Asia and Europe, despite ongoing political and security challenges in Iraq. In earlier remarks, Kutrashev praised Iraq's fight against international terrorism, calling it a victory over a threat 'no less evil than fascism and Nazism.'
