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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Do US sanctions threaten the presence of Russian companies in Iraq?

    Rocky
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    companies - Do US sanctions threaten the presence of Russian companies in Iraq? Empty Do US sanctions threaten the presence of Russian companies in Iraq?

    Post by Rocky Mon 08 Apr 2024, 4:58 am

    Do US sanctions threaten the presence of Russian companies in Iraq?

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    Economy News - follow up
    [rtl]Russian companies are among the most prominent foreign investors in the Iraqi oil sector, as many of them operate in various governorates and continue to establish partnerships in search of new opportunities. However, the international sanctions previously imposed on Moscow, and those issued from time to time, raise many questions as to whether this will be reversed. However, specialists rule this out negatively, but they point out that political interference and administrative routine may be sufficient reasons for companies to refrain from investing in the country.[/rtl]
    [rtl]Oil expert Asri Moussa says, “Licensing companies are suffering from delays in paying their dues, in addition to the long government routine in approving contracts with oil services companies, in addition to interventions by non-oil parties, especially some politicians and some tribes sometimes.”[/rtl]
    [rtl]The Iraqi ambassador to Moscow, Qahtan Taha Khalaf, met with Russian Deputy Energy Minister Sergei Mochalnikov last month, and they discussed bilateral relations and ways to strengthen them in a way that serves the interests of both countries. The possibility of preparing to hold meetings of the tenth session of the joint Iraqi-Russian committee was also discussed.[/rtl]
    [rtl]He added, “Russian companies were affected by the Ukraine war as a result of the many sanctions imposed by America and the European Union, especially on international banking accounts and transactions.”[/rtl]
    [rtl]He points out that “Iraq’s access to American exceptions regarding Iranian gas is diminishing, and there may come a time when America will not grant such exceptions, and the solution is to invest in Iraqi gas that has been burning for many years.”[/rtl]
    [rtl]Russia is among the countries of the “OPEC+” alliance, as it agreed to establish a cooperation mechanism with the “OPEC” countries with the aim of coordinating production jointly between the Organization of the Petroleum Producing Countries “OPEC” and Russia, which works to export outside the organization, after what was known as the export war. The oil crisis between Russia and Saudi Arabia, which occurred in the year 2020, led to the value of a barrel of oil falling to about $20 for Brent crude, and less than $1 for Texas Light crude.[/rtl]
    [rtl]In turn, oil expert Kovind Sherwani explains, “The giant Russian oil companies operating in Iraq are (Lukoil), which has a participation contract in the West Qurna field, (Gazprom), which operates in one of the fields in Sulaymaniyah, and (Rosneft), which was working in transporting... Oil.”[/rtl]
    [rtl]He explains, “Lukoil Company withdrew from the giant West Qurna field in Basra, and we do not know and the reasons for that are not clear. Is it the Ukrainian-Russian war, or administrative laxity and mismanagement in dealing with these companies, or societal pressure in the areas in which they were operating, where the environment was... “Social society is putting pressure on companies to get jobs for their children, which has led to the withdrawal of many foreign companies.”[/rtl]
    [rtl]He points out that “the Russian-Ukrainian war caused confusion in the work of oil companies in the world because Russia is the largest producer of natural gas, especially the export operations managed by Gazprom to European markets, which were cut off by 10 percent and caused damage to the Russian side, which lost its income and was forced to seek refuge.” To the Asian markets, as well as to Europe, which resorted to other sources to purchase gas at higher prices, which led to major economic crises.”[/rtl]
    [rtl]Sherwani points out, “As for Russian companies operating in the Kurdistan region, they have been particularly affected since the cessation of oil exports from the region on March 25, 2023, and thus they incurred significant losses and finally resorted to forming a group called (Decoration) to speak on their behalf in negotiations and talks with the regional government.” And the federal government.”[/rtl]
    [rtl]He notes that “the American administration always grants exceptions to Iraq to obtain gas from Iran, knowing that these exceptions are for the purpose of avoiding the American and European sanctions imposed on Tehran, which prevented sending billions of dollars from Iraq to Iran in exchange for imported gas. As for the last exception, as stated In the news, it is for an amount of $10 billion. The American government agreed to grant Iraq an exception to transfer this amount to Iran through Gulf and Qatari banks specifically.”[/rtl]
    [rtl]Russian investments in the field of energy in Iraq go back decades, as the company “Lukoil” had invested in the West Qurna field since before the year 2003, before the administration of the American civil governor, Paul Bremer, canceled the company’s contracts with Iraq, while it returned. The company moved to invest after the departure of the American forces and after Russia extinguished its sovereign debts from Iraq.[/rtl]
    [rtl]For his part, the political expert specializing in Russian affairs, Hassan Fadel, explains, “Washington supported the formation of the government of Muhammad Shiaa Al-Sudani in the year 2022 to ensure that a state of chaos and insecurity would not occur in Iraq that could affect global oil supplies, especially at a time when the Russian-Ukrainian war had begun.” “It affected the flow of these supplies significantly, which led to oil prices on the global market rising to record levels.”[/rtl]
    [rtl]He concludes by saying, “Russia has strategic interests in Iraq to expand its investments in the field of oil and gas, especially as it relies on its energy exports to cover most of its budget at a time when it is waging a large-scale war on Ukraine in which it requires large spending. It is also trying to compete with American and European oil companies.” In the Iraqi oil fields, in order for its investments to have a role in strengthening its relations with Iraq and its influence there at the expense of American influence and interests.”[/rtl]
    [rtl]Russia is one of Iraq's main partners, especially in the military and armament field, as its products top the Iraqi army's arsenal in terms of number. Moscow also has many investments in the oil and gas sector, which makes the sanctions that are constantly imposed by the international community on Russia a source of concern and question for the Iraqi authorities. .[/rtl]


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