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Iraq, TotalEnergies sign $27 bln energy deal

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Iraq and TotalEnergies seal a historic $27 billion energy agreement, aiming to bolster oil production and enhance power capacity through ambitious projects

TotalEnergies Chairman and CEO signed the agreement with Iraqi oil minister. / Photo: Reuters

The deal had been signed in 2021, with an initial investment of $10 billion in southern Iraq over 25 years, but it was delayed amid disputes between Iraqi politicians over terms. The deal was closed in April, when Iraq agreed to take a smaller than initially demanded stake in the project of 30 percent, with TotalEnergies taking a 45 percent stake and QatarEnergy holding the remaining 25 percent.

 

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