BAGHDAD, Sept 5 — French energy giant TotalEnergies has signed a US$27-billion contract to invest in oil, gas and solar energy production in Iraq, the country’s oil minister said Sunday.
Officials justify the lack of investment and the dilapidated state of its energy network by citing falling oil prices, which represent more than 90 per cent of state revenue. One of these aims to pipe seawater from the Gulf to southern Iraqi oilfields. Water is used to extract oil from subterranean deposits.
The fourth project will see the installation of a solar farm in Artawi, near the southern port of Basra.
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