Putin’s Newest Oil Play: Russia Gains Foothold In Iraqi Oil Patch

14 Jun 2017   Kurdistan, Russia

The Kurds of Iraq are going through one of their most tumultuous periods of history. On the verge of finally seeing the much-heralded independence referendum, through Erbil is doing everything it can to stay financially afloat, squash the Islamic State and expand its oil sector – and it is a pretty thin line to walk with all the events going on simultaneously. The latest developments in Kurdish-Russian relations might be indicative of even deeper cooperation and convergence between the two nations, as new petroleum deals will inevitably have political ramifications. Rosneft and Gazprom Neft, Russia’s leading state-owned oil companies, seem very intent on increasing their presence in Kurdistan, with the former walking an extra mile by venturing into Kurdistan’s infrastructure segment. The KRG (Kurdistan Regional Government)-Rosneft pre-payment deal, signed this February, has successfully laid the groundwork for future rapprochement. Under the conditions of the deal, Rosneft is reported to […]

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