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Iraq signs a deal with Total to build 4 energy projects worth $27 billion

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58 2021-09-06

Iraqi Palm Agency

 

On Sunday, Iraq Signed a contract with the French group "Total Energies" to invest in the field of gas and oil and in the exploitation of solar energy, worth 27 billion dollars, and aims to reduce dependence on fossil energy, according to the Iraqi Oil Minister.

A ‘Total’ official told Reuters news agency, which was monitored by the Iraqi Palm website, that during the signing ceremony, the company would start with an initial investment of $10 billion, noting that engineering work would start at the end of this year.

Sources in the ministry had told the French press agency that the contract with the French group is "one of the largest contracts in the Iraqi oil sector", and includes four axes, three of which are in the investment of gas and oil and the other in the field of solar energy.

The total value of this huge contract is "27 billion dollars," according to what Minister Ihsan Abdul-Jabbar Ismail announced in a press conference on Sunday, in which the CEO of the company, Patrick Pouyanneh, also participated, at the conclusion of the signing ceremony in the Iraqi capital, Baghdad.

The minister added that this is "the largest investment by a Western company in Iraq (...) and the challenge now is the implementation of projects," explaining that "a third of the investment funds will be spent during the next seven years."

Iraq currently produces 16,000 megawatts of electricity, which is much less than its average need estimated at 24,000 megawatts and reaches 30,000 in the summer, while its population may double by 2050, which means an increase in its energy consumption, according to the United Nations.

The country witnesses frequent power cuts, especially during the scorching summer when temperatures exceed 50 degrees Celsius. Iraqi officials attribute the reason to the lack of investment and the deterioration of the network with the drop in oil prices, which represents 90 percent of the country's revenues.

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