BAGHDAD (Reuters) – Iraq and TotalEnergies signed a long-delayed $27 billion (24.64 billion euros) contract on Monday to boost the country’s energy production around four oil, gas and of renewable energies.
The contract was signed in 2021 with an initial investment of $10 billion (9.13 billion euros) for 25 years, but was delayed after disagreements among Iraqi politicians over the terms of the deal.
TotalEnergies CEO Patrick Pouyanné signed the contract with Iraqi Oil Minister Hayan Abdel-Ghani at a ceremony in Baghdad, calling it a “historic day”.
The agreement was concluded in April when Iraq agreed to take a smaller share than initially requested at 30%, TotalEnergies taking 45% of the operations and QatarEnery the remaining 25%.
TotalEnergies has announced the development of a solar power plant capable of producing 1GW of electricity for the regional grid of Basra, the country’s second largest city, inviting the Saudi group ACWA Power to join the project.
(Report Maher Nazeh; Zhifan Liu, edited by Kate Entringer)
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