Russia "expels" Japan from Iraq and seizes one of the largest oil reserves[You must be registered and logged in to see this image.]
Baghdad Today - Translation
Today, Tuesday (December 5, 2023), the Asian newspaper Erosia Times described the Russian company Lukoil’s acquisition of the Japanese company Inpex’s share in the Eridu field as “complete Russian control” over the most important current reserve fields in Iraq.
The newspaper said, according to what “Baghdad Today” translated, that the Iraqi Oil Ministry agreed to buy the Russian company Lukoil 40% of the available share in the Eridu fields, “which are vast and rich in oil reserves,” stressing, “Russia succeeded in expelling Japan from Iraq, declaring a massive transformation.” In the dynamics of the world energy market.
She continued, "Russian Lukoil's displacement of the Japanese competitor now means its complete control over the oil-rich region," referring to the Iraqi market, explaining, "The current contract that granted the Russian Lukoil company 100% control over oil extraction will give it the ability to invest in the Eredo oil field, which reaches... Its reserves reach about 12.9 billion barrels, for many years to come.”
The Oil Price Network, concerned with oil affairs, in turn confirmed that the current “dynamic” changes in the oil market and Japan’s exit fall within the goals of Beijing and Moscow to keep the West away from controlling energy deals in Iraq and keep Baghdad close to the Iranian-Saudi axis, according to its description.
At the end of its report, the network warned of the loss of the West, especially the United States, of its role in the Iraqi energy market in particular and the region in general, stressing that Moscow has “succeeded” for some time in expanding its investments in the Middle East with the aim of reducing the influence of the United States and Western countries in the region, according to its description, noting. The recent acquisition represents a “vital” step to implement the Russian goal of weakening American control over the oil market.