TotalEnergies confirms Iraq deal on $27bln energy project

French oil major TotalEnergies confirmed on Tuesday that it had reached an agreement with the Iraqi government on a long-delayed $27 billion energy project, in a way that Baghdad could lure back foreign investment in the country.

In addition, Iraqi government had approved the amended 30 percent share “due to the importance of resolving the issue and proceeding with the signing of related agreements.”

Moreover, three sources told Reuters that Iraq has agreed to lower its share to 30 percent from 40 percent in the project, which was a key sticking point as TotalEnergies wants a majority stake.

It is worth mentioning that the French company said it would develop a 1GW solar power plant to supply electricity to the Basrah regional grid, inviting Saudi company ACWA Power to join the project.