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Russia to boost investments in Iraq oil, energy sectors

Oil&Gas Materials 10 May 2011 17:39
The Russian government was working to increase its investments in Iraq, especially in the oil and energy sectors, Russian Foreign Minister Sergey Lavrov said Tuesday.
Russia to boost investments in Iraq oil, energy sectors

The Russian government was working to increase its investments in Iraq, especially in the oil and energy sectors, Russian Foreign Minister Sergey Lavrov said Tuesday, DPA reported.

"Russia supports the Iraqi government in its efforts to restore security and develop the economy," Lavrov said at a joint press conference with his Iraqi counterpart Hoshyar Zebari in Baghdad.

"We are also working to increase cooperation and our investments here ... We are delighted that Russian companies are working in Iraq in the energy field," he said.

A consortium led by Russia's private oil company, Lukoil, secured the rights to develop an oilfield in 2009. Lukoil recently announced plans to quadruple its oil production from the massive West Qurna oilfield, to the west of Basra. It said initial production was scheduled for 2012 and full production should begin in 2017.

Iraq has held three international bidding rounds since late 2009 to attract investments in its oil and gas industry.

It relies heavily on oil exports for its revenue and aims to raise production from 2.5 million barrels to 12 million barrels per day within six years.

Lavrov said they also discussed the security situation in Iraq and cooperation in the defence sector. He also said Russia intends to open a consulate in the southern city of Basra, where some of the largest oilfields are located.

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