Russian Corporations Implementation of State Policy in Cooperation with Republic of Iraq (Field Development Example)

Abstract

Introduction. Oil fields in the Republic of Iraq have traditionally been the subject to intense scrutiny of international fuel and energy companies. Iraq is one of the world leaders in terms of oil reserves. According to the Organization of Petroleum ExportingCountries (OPEC), Iraq ranks 4th in 2021 (145,019 million barrels). Russian oil companies are firmly expanding their presence in the Iraqi oil fields. In condition of unprecedented sanctions against Russia from the collective West, our country has to look for ways to ensure its energy sovereignty. Oil development in Iraq can be an effective way for Russian companies to achieve their potential. This article examines the prospects for increasing the reach of Russian oil companies in the oil fields of Iraq taking into account the current geopolitical situation, and the global agenda includes the opportunity for Russia to promote interests both in the Middle East and beyond.Materials and methods. In this study, general and particular scientific methods are applied. The genetic method should be highlighted, as it allowed to trace the process of formation and development of the Russian-Iraqi interaction, and to draw conclusion on the prospects for its expansion. The study also analyzes the international legal framework of Russian-Iraqi cooperation, oil production statistics in Iraq, materials published in the media, official statements by the Russian and Iraqi authorities.The results of the study. The conducted research allowed to substantiate the conclusion that Iraq is the most promising area for extending the activities of Russian oil companies. Nowadays, Russia and Iraq are following the path of multifaceted cooperation, including the economic sphere. Also, the prerequisites that favor joint activities of Russia and Iraq in the fuel and energy field are the proximity of the countries in the scientific and technical sphere, the extreme economic feasibility of increasing the volume of joint economic operations and the compliance of Russian-Iraqi collaboration with the national interests of both states.Discussion and conclusions. Partnership with the Republic of Iraq is of strategic importance for Russia in the Middle East. This is almost a win-win direction of foreign economic activity, since it brings mutual political and economic benefits. Iraq may become a new springboard for the penetration of Russian business deep into the Middle East region. It is necessary to further develop this course in order to adapt Russian politics and economy to the new realities of the international geopolitical situation.