Russia-based oil companies have invested over $19 billion in Iraq‘s energy sector, emphasising the centrality of oil and gas industries in the bilateral cooperation.
Russia’s Foreign Minister Sergei Lavrov participated in today’s exhibition commemorating the 80th anniversary of Russian-Iraqi diplomatic relations.
Lavrov stated, “The oil and gas industry has traditionally been the central element of our practical cooperation with Iraq.”
He added that several major projects are being successfully implemented with the involvement of leading Russian oil companies, reiterating the substantial Russian investment in Iraq’s energy sector.
The minister further noted that companies such as Lukoil, Gazprom Neft, and Rosneft are the main contributors to these investments, highlighting their significant roles in strengthening Russian-Iraqi economic ties.
In a move aimed at boosting tourism and strengthening diplomatic ties, Russia is set to implement a visa-free system with Saudi Arabia, Oman, Malaysia, Bahrain, Myanmar, and several African countries by 2025.
Nikita Kondratiev, the Director of Multilateral Economic Cooperation and Special Projects at the Ministry announced the initiative with optimism, noting a significant demand from Russian tourists to visit these countries and an increase in incoming tourist flow.
Kondratiev highlighted that the Ministry is actively collaborating with the Russian Foreign Ministry to liberalize the visa regime with these key partner nations.
