Russia, Iraq developing new economic agreements, reviewing existing ones - Russian energy minister
BAGHDAD. Feb 26 (Interfax) - Russia and Iraq will analyze existing agreements between the two countries and explore the possibility of signing new ones to foster more active business cooperation, Energy Minister Sergei Tsivilev said on the sidelines of the Russia-Iraq Intergovernmental Commission on Trade, Economic and Scientific-Technical Cooperation.
"Thank you for your proposal to review all agreements over the next five years, reassess them and analyze their implementation. Thank you very much for making prompt decisions to sign new agreements that will enable even more active collaboration between our companies, both Russian and Iraqi ones. I believe this decision is very important, not only because this is the anniversary tenth meeting, but also because critical decisions have been made for long-term cooperation," Tsivilev said when addressing the commission's co-chairman from the Iraqi side, Foreign Minister Fuad Hussein.
The next meeting of the intergovernmental commission is tentatively scheduled for April 2026 in Moscow, Tsivilev said.
According to materials prepared for the commission, Russia increased its exports to Iraq 27.8% in 2024, with the majority of shipments consisting of food products, wood, and pulp-and-paper goods.
One of the key areas of cooperation between the two countries is the oil and gas industry. Currently, Russian companies operating in Iraq include Gazprom Neft, Lukoil and Bashneft.
Lukoil produces oil in Iraq at the West Qurna-2 field, the second-largest oil field in the world with recoverable reserves of approximately 14 billion barrels. Lukoil holds a 75% stake in the project, while Iraq's state-owned North Oil Company holds 25%. It currently produces more than 480,000 barrels per day. Lukoil is also developing Block 10, where the Eridu field was discovered. Block 10, covering an area of 5,600 square kilometers, is located in the provinces of Dhi Qar and Muthanna, 120 km west of Basra. Lukoil owns 80% of the project (operator) and Japan's Inpex Corporation owns 20%. Iraq's South Oil Company serves as the contract holder on the Iraqi side.
Gazprom Neft has been the operator of the Badra project since 2010. Commercial oil shipments from the field began in August 2014. Badra is located in the Wasit province in eastern Iraq, with geological reserves estimated at 3 billion barrels of oil. The development project is meant to run for 20 years, with a possible extension of five years. Gazprom Neft holds a 30% stake, Kogas - 22.5%, Petronas - 15%, and TPAO - 7.5%. The Iraqi government represented by the Oil Exploration Company holds a 25% stake.
Bashneft International B.V. is the operator of the project and holds a 100% stake in the exploration and production contract for Block 12. In 2018, the company discovered a new oil field, named Salman, as a result of drilling the first exploration well in Block 12. The field is located in a less-explored part of the Arabian Plate, 80 km south of As-Samawah and 130 km west of Nasiriyah.
Several Russian companies have also operated in Iraqi Kurdistan.
