- TotalEnergies has signed a major deal with Iraq to finance and implement several oil, gas and solar energy projects in Southern Iraq
- The French energy giant has committed an initial US$10 billion (A$13.5 billion) to the projects
- The developments will include new installations to recover flared gas at three fields, and supply gas to power stations
- At a signing ceremony, Iraq’s oil minister Ihsan Abdul Ismail said the development will enable the country to reduce gas imports from Iran
French energy giant TotalEnergies has signed a major deal with Iraq, which the country’s energy minister is touting as the biggest ever investment by a western nation.
TotalEnergies has committed an initial US$10 billion (A$13.5 billion) for several oil, gas and solar energy projects in Southern Iraq.
In a statement, TotalEnergies CEO Patrick Poutanné said the company’s return to Iraq — where it made its first oil discovery nearly a century ago — also highlights its transition into a multi-energy business.
“Our ambition is to assist Iraq in building a more sustainable future by developing access to electricity for its people through a more sustainable use of the country’s natural resources such as: reduction of gas flaring that generates air pollution and greenhouse gas emissions, water resource management and development of solar energy.”
The deal will see new installations to recover flared gas at three fields, and supply the gas to power stations.
At a signing ceremony, Iraq’s oil minister Ihsan Abdul Ismail said the development will enable the country to reduce gas imports from Iran which supplies a third of its gas and electricity needs.
Following news of the multi-billion-dollar deal, TotalEnergies Euronext Paris listing gained 1.07 per cent on Monday.
The benchmark index for the Iraq Stock Exchange, the ISX60, also moved 0.26 per cent higher on Monday.