France's TotalEnergies signs $27bn oil, gas, solar deal in Iraq

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06.09.2021, 12:06

French TotalEnergies signed a $27-billion contract to invest in oil, gas and solar production in Iraq Sunday, TASS reported citing AFP.

France's TotalEnergies signs $27bn oil, gas, solar deal in Iraq

YEREVAN, September 6, /ARKA/. French TotalEnergies signed a $27-billion contract to invest in oil, gas and solar production in Iraq Sunday, TASS reported citing AFP.

"This is the largest investment by a Western company in Iraq," the Iraqi Oil Minister Ihsan Abdel Jaber was quoted as saying. TotalEnergies declined to comment and did not confirm the amount of the deal. According to the agency's source, the contract inked on Sunday with TotalEnergies covers four projects - piping seawater from the Gulf to southern Iraqi oilfields to extract oil from subterranean deposits, increasing production from the Artawi oilfield near the southern port of Basra from 85,000 barrels per day to 210,000 bpd, construction of a complex to exploit production from the sector's gas fields and installation of a solar farm in Artawi.

France's former Total, which has renamed itself TotalEnergies to symbolise a diversification into cleaner sources of power, is one of the world's top five energy companies. It has had a presence in Iraq since the 1920s. -0-

#$27-BILLION CONTRACT

#GAS AND SOLAR PRODUCTION IN IRAQ

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