Source Pravda.Ru

Russian Oil and Gas Union: Russia must have base in Iraq

Russia must have an oil base in Iraq. As a Rosbalt correspondent reports, this was announced today by Chairman of the Russian Union of Oil and Gas Industrialists Yuri Shafranik. He said it is essential as Iraq is the second biggest oil-producing country in the world and Russia is quite dependent on oil prices. 'Until Iraq becomes a legitimate power Russia will be unable to participate in large investment projects and this is wrong,' he said. Russian oil companies are now trying . There is some collaboration but not in terms of production, Mr Shafranik added. He believes that the Iraqi infrastructure must be re-established first. Power stations must be repaired, the water supply and electricity must be secured and oil wells must be drilled and pipes laid. Large-scale investment projects will only be possible once this work has been carried out. 'We must cooperate with the US and the UK in this. That way we will avoid any conflicts and competition,' Mr Shafranik stressed.