TotalEnergies invests $27bln deal to implement energy projects in Iraq

By Nada Ali On Jul 10, 2023

Iraqi Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul Ghani Al-Swad and Patrick Pouyanne, Chairman and CEO of TotalEnergies

Iraqi oil minister Hayan Abdel-Ghani signed on Monday a long-delayed deal with French oil major TotalEnergies to build four oil, gas and renewables projects with a total investment of $27 billion.

Patrick Pouyanne, TotalEnergies CEO, signed the agreement with Abdel-Ghani, Iraqi Oil Minister, at a ceremony in Baghdad, with Pouyanne hailing it a “historic day.”

The deal was signed in 2021 with an initial investment of $10 billion in southern Iraq over 25 years, but it was delayed amid disputes between Iraqi politicians over terms.