- The Iraqi government and TotalEnergies agree to a $27 billion investment deal
- Investment aimed at boosting oil and gas output in Iraq
- TotalEnergies to invest in Ratawi oil field
The Iraqi government have reached an agreement on a $27 billion investment package with energy giant, TotalEnergies. The investment deal will boost oil and gas output and reduce power outages in Iraq. Iraq saw the streets flooded with protesters in one of its largest cities, Basra, as the heatwave tore through the country, affecting the national grid and increasing power outages.
Iraqi Oil Minister Ihsan Abdul Jabbar stated that the French energy giant would invest $10 billion in several projects over the next ten years. Construction work on the projects is set to begin in Southern Iraq by December 2021. Under the agreement, TotalEnergies will invest in the Ratawi oil field and capture natural gas in several oil fields in the region. In addition, TotalEnergies will also build a large solar plant in the country, the Minister noted.