by Ahmed Rasheed and Maha El Dahan
BAGHDAD (Reuters) – Iraq and TotalEnergies have agreed to a 30% stake for Baghdad in a $27 billion (24.7 billion euros) investment project by the oil group in the country , two sources told Reuters on Tuesday.
TotalEnergies and Iraq signed an investment project in September 2021, relating to four projects in natural gas, solar energy and seawater reprocessing in the Basra region, which remained in development for a long time. death due to disputes over the terms of the contract.
Iraq wanted a 40% stake in the project, an obstacle to reaching a deal, with TotalEnergies wanting a majority stake.
The agreement which brings this stake to 30% was reached after meetings held in Baghdad over the past few days, an industry source said.
“The agreement should be activated in the coming days,” said a senior Iraqi oil ministry official.
TotalEnergies did not immediately respond to a request for comment.
Sources told Reuters in January that QatarEnergy was also looking to acquire a roughly 30% stake in the project.
(Report Ahmed Rasheed, Maha El Dahan and America Hernandez; Kate Entringer, edited by Jean-Stéphane Brosse)
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