Russian oil company Rosneft and northern Iraq’s Kurdish Regional Government (KRG) signed Friday a series of agreements on widening their cooperation in exploration and production of hydrocarbons, commerce and logistics, Rosneft said in a press release.
The parties signed the agreement on the sidelines of the St. Petersburg International Economic Forum ahead of a meeting between Russian President Vladimir Putin and KRG Prime Minister Nechirvan Barzani, according to a statement by Kremlin.
Rosneft said the parties had signed an investment agreement under which they committed to develop cooperation in exploration and production, and agreed on monetization of the export oil pipeline in the Iraqi Kurdish region.
They also signed a number of production sharing agreements, it added.
Barzani also met with Russian Foreign Minister Sergey Lavrov on the sidelines of the forum during which they “exchanged views on the current and future outlook for mutually beneficial ties between Russia and Iraqi Kurdistan, including fuel and energy cooperation,” according to a statement released by Russia’s Foreign Ministry.
“They also discussed current regional issues, primarily the situation in Iraq and Syria in the context of joint efforts against the transnational terrorist threat of ISIS and other extremist groups,” the statement said.