Shafaq News / Russian President Vladimir Putin revealed on Tuesday the volume of Russian investments in Iraq, stating that it amounts to $19 billion, with over 50 Russian companies operating in Iraq.

Putin made this announcement during talks held on Tuesday in Moscow with Iraqi Prime Minister Mohammed Shia Al Sudani, who arrived in the Russian capital earlier in the day.

Putin pointed out that Moscow and Baghdad are successfully coordinating within the OPEC+ framework with the aim of stabilizing global energy markets, stating, "We are coordinating our efforts within OPEC+ and doing so very successfully to achieve stability in the global markets, and I hope that we will continue to work in this direction."

The Russian president also added that the energy sector is a key area of cooperation between Russia and Iraq, which is a member of the Organization of Petroleum Exporting Countries (OPEC).

Regarding the volume of Russian investments in Iraq, Putin stated, "Our major companies are operating very successfully in Iraq, with our total investments amounting to approximately $19 billion. There are prospects for further developing our cooperation."

Moscow and Baghdad share strategic and historical ties, with nearly 50 Russian companies currently operating in Iraq, including "Lukoil" and "Gazprom Neft", the oil subsidiary of the Russian company "Gazprom."

Russia is currently executing a large project to rebuild and modernize a glass and ceramic products manufacturing plant in the city of Ramadi in al-Anbar governorate. An industrial alliance of Russian companies has begun practical implementation of this project on behalf of the Iraqi Ministry of Industry and Minerals.