OREANDA-NEWS The total investment of Russian oil companies in the energy sector of Iraq exceeds $ 19 billion, and major projects are being implemented with the participation of Russian oil companies, Russian Foreign Minister Sergei Lavrov said.

"The oil and gas industry has traditionally been the central element of our practical cooperation. A number of major projects are being successfully implemented with the participation of leading Russian oil companies, and the total volume of Russian investments in the Iraqi energy sector exceeds $19 billion. Lukoil, Gazpromneft and Rosneft account for the main share," the minister said at the opening of the exhibition dedicated to the 80th anniversary of the establishment of diplomatic relations with Iraq.

The Minister noted that Iraq remains one of Russia's leading trade and economic partners in the Arab world, and Moscow and Baghdad have significant potential to further promote the entire range of cooperation.

He added that Russia is helping to strengthen Iraq's defense capability. Lavrov also expressed confidence that relations between Russia and Iraq will continue to develop.

In turn, the director of the European Department of the Iraqi Foreign Ministry, Bakir Aziz, noted the interaction between the military of Russia and Iraq, and also added that the parties are currently working on more than 25 draft agreements and memoranda of understanding. For the most part, he said, the parties have completed all the formalities, and the documents will be signed soon.