Baghdad, Iraq – In a significant development, Iraqi Oil Minister Hayan Abdel-Ghani officially signed a long-awaited agreement on Monday with French oil major TotalEnergies. The deal entails the construction of four integrated oil, gas, and renewables projects, representing a substantial investment of $27 billion.
The signing ceremony, held in Baghdad, saw TotalEnergies CEO Patrick Pouyanne joining Abdel-Ghani to formalize the agreement. Pouyanne hailed the occasion as a “historic day,” highlighting the importance of the partnership between TotalEnergies and Iraq in driving the country’s energy sector forward.
Originally signed in 2021, the deal initially involved an investment of $10 billion for a 25-year period in southern Iraq. However, the implementation of the agreement faced delays due to disputes among Iraqi politicians regarding the terms and conditions.
Now, with the agreement back on track, the collaboration between TotalEnergies and Iraq is poised to unlock significant opportunities in the energy sector. The four projects, encompassing oil, gas, and renewable energy, are expected to bolster Iraq’s overall energy capacity and contribute to its sustainable development.
The specific details of the projects were not provided in the current report. However, the comprehensive nature of the agreement suggests a holistic approach to energy development, encompassing various facets of the industry.
The signing of this deal reflects Iraq’s commitment to attract foreign investment and leverage its vast energy resources for the country’s economic growth. It also signifies TotalEnergies’ confidence in Iraq’s potential and its eagerness to contribute to the development of the Iraqi energy sector.
As the projects move forward, they are anticipated to create employment opportunities, enhance infrastructure, and strengthen Iraq’s position as a significant player in the global energy market. The successful implementation of these initiatives has the potential to propel Iraq’s energy industry and stimulate economic prosperity in the country.
