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Friday, December 8, 2023
NewsIraq plans to start $27 billion Total project in two weeks

Iraq plans to start $27 billion Total project in two weeks

He added at a conference in Baghdad that he expects five-way deals related to the deal to be signed within the next two weeks, paving the way for the start of implementation.

The deal was signed in 2021, under which Total Energies will build four oil, gas and renewable energy projects with an initial investment of $10 billion in southern Iraq over 25 years, but it has been postponed due to disagreements over terms.

Iraq said last month it had agreed to take a small 30% stake in the project, relaunching a deal that Baghdad hopes will attract foreign investment back to a relatively stable country.

A Total Energies spokesperson said: “We can confirm that discussions are progressing.”

Patrick Pouyanne, CEO of Total Energies, said last week that the two sides had reached an agreement regarding Iraq’s share in the project.

“I think it’s a good arrangement that we’ve finished all the paperwork,” Pouyanne said during a call with shareholders last week, during which he reviewed the company’s first-quarter results. .

Pouyanne added: “The Iraqi government approved the entire contract, without any modifications, so for me it was more than good news.”

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Arab Desk
Arab Desk
The Eastern Herald’s Arab Desk validates the stories published under this byline. That includes editorials, news stories, letters to the editor, and multimedia features on easternherald.com.

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