Iraq signs deals with Russia, calls for stronger cooperation in energy sector

Iraq signed four agreements and memorandums of understanding with Russia on Wednesday, calling for strengthening bilateral cooperation in various fields, especially in the energy sector. The agreements were signed during the tenth session of the Russia-Iraq Intergovernmental Commission on Trade, Economic and Scientific-Technical Cooperation in Baghdad.

According to the Iraqi Foreign Ministry, the session was chaired jointly by Foreign Minister Fuad Hussein and Russian Energy Minister Sergei Tsivliev.

The deals which were signed included an agreement on maritime transport and a memorandum of understanding on health cooperation. There was also an MoU between the Federation of Iraqi Chambers of Commerce and the Chamber of Commerce and Industry of the Russian Federation, and a protocol of understanding between the Russian company Gazprom and the Iraqi Central Oil Company.

At the end of the meeting, Hussein and Tsivliev held a press conference, during which the Iraqi Foreign Minister stressed the strength of relations between his country and Russia. He highlighted the importance of enhancing cooperation in various fields, especially in the oil and gas sectors, and pointed out that major Russian companies are investing about $19 billion in the Iraqi oil sector.

Hussein noted that the discussions also touched on the issue of exporting oil from the Kurdistan Region of Iraq to Turkiye, in addition to discussing international and regional developments. The flow of oil from Iraq to the Turkish port of Ceyhan stopped in 2023, after the International Court of Arbitration in Paris came to a decision regarding oil exports between Turkiye and Iraq, which cost Iraq lost over $23 billion in lost revenue. It was announced earlier this week that oil exports through Turkiye will resume “soon”.

READ: Iraq and BP to develop four Kirkuk oil and gas fields