MOSCOW: ‘ Russia’s trade turnover grows 10-fold over two years – Putin ‘

#AceFinanceReport – MOSCOW:May.21: Iraq will contribute to creating preferential terms for Russian companies operating in in its territory, visiting Iraqi Prime Minister Haider al-Abadi said at a meeting with Russian President Vladimir Putin on Thursday.

Russian President Vladimir Putin © Alexey Nikolsky/Russian presidential press service/TASS

Russia’s trade turnover with Iraq grows 10-fold over two years — Putin

"We seek to develop cooperation in all spheres, including investments and the creation preferential terms for Russian companies operating in the country," the Iraqi prime minister said.

Major Russian energy companies are successfully working in Iraq. They include LUKOIL, which is developing the Western Qurna-2 Field in Basra province. The investments amounted to 5.3 billion US dollars. The daily production output had reached 400,000 barrels of oil by the start of 2015 /about 12 % of the total amount of hydrocarbons produced in Iraq/. .

Another Russian oil major – Gazprom Neft – is developing the Badra Oil Field in Wasit Province of Iraq under a $ 2.7 billion-dollar contract. Gazprom Neft is also developing several oil fields in the Kurdish Autonomous Region of Iraq.

Russian companies Technopromexport, Inter RAO UES and Silovye Machiny are studying a possibility of renewing operations in the Iraqi market. These companies have already implemented a number of other major projects such as the restoration of the Hartha thermal power station near Basra; delivery of components for the Dibis thermal power plant in Kirkuk and the mounting of equipment for the Al-Adaim Hydro Power Station in Diyala province.

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