Rosneft to Explore and Develop Fields in Iraq’s Kurdistan

Rosneft to Explore and Develop Fields in Iraq’s Kurdistan

Russia’s Rosneft agreed to explore and develop five fields in Iraq’s Kurdistan as it seeks to become a key player in one of the world’s newest and fastest growing oil provinces, according to Reuters.

Rosneft’s CEO, Igor Sechin, said “The agreement sets an example of a well-weighed investments in one of the key middle eastern regions which will make it possible for the company to expand its production and exploration geography, provide feed-stock for Rosneft growing refining network and to raise profitability of our international assets”.

Moreover, Rosneft will get access to a major regional transportation system with the capacity of 700,000b/d, the company said. It is planned to expand capacity to more than 1mb/d by the end of 2017, RT News Network informed.

“It is a fairly large supply contract on favorable terms for Rosneft. As a result, we get access to a large pipeline that goes from Kurdistan to Turkey. It’s a contract for 20 years,” Rosneft spokesman, Mikhail Leontyev, said.


Dr. Mahinaz El-Baz 318 Posts

Mahinaz El Baz received her PhD degree in International Economics from Helwan University in 2022. She has +10 years of experience in journalism and economic analysis. She received the "Best Economic Article Award" in 2016 from CFA Society Egypt.


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