TotalEnergies confirms $10 billion investment in Iraq oil fields, solar plant
The long-delayed deal is expected to bolster the regional electricity grid in the south of the country.
TotalEnergies has confirmed that it will make an initial investment of $10 billion in three Iraqi oil fields and develop a solar energy plant to supply the Basrah regional grid in the south of the country, as part of a $25 billion deal with Iraq's government and QatarEnergy.
Reports emerged on Tuesday that the French energy giant had struck a deal with the Iraqi government to work on the $27 billion energy project, with the state taking a 30% stake.
The Iraqi government originally wanted a 40% stake in the project, which ended up stalling due to a dispute over the terms of the deal.
The $27 billion Gas Growth Integrated Project (GGIP) agreed on in September 2021 was created to develop Iraq’s natural resources and improve the country’s electricity supply.
