France’s energy giant Total has signed $27-billion with Iraq to invest in four giant energy projects, reports say, citing Iraqi Oil minister Ihsan Abdul Jabbar.
The deal according to Jabbar aims to reduce Iraq’s reliance on fossil fuel. The company will start with an initial investment of $10 billion, CEO Patrick Pouyanne said at the signing ceremony, adding that engineering work will start “immediately”.
Jabbar also noted Total will invest in the first phase $3 billion in a project to inject sea water into oilfields to enhance crude recovery. The company will also provide $2 billion to build a processing plant for gas produced at the southern fields of West Qurna 2, Majnoon, Artawi, Tuba and Luhais.
The other two projects are a solar power plant and one to increase crude output from the Artawi oilfield. The planned investment is the largest in the Middle East country by the French energy giant.
France’s Total to invest $27bn in four energy projects in Iraq
