The proposed deal was signed in 2021 for TotalEnergies to build four oil, gas and renewables projects with an initial investment of $10-billion in southern Iraq over 25 years
Talks between French oil major TotalEnergies and Iraq to resolve sticking points in a long-delayed $27-billion energy deal “have reached advanced stages”, Iraqi oil minister Hayan Abdel-Ghani said on Sunday.The proposed deal, which Baghdad hopes will revive foreign investment in the country, was signed in 2021 for TotalEnergies
to build four oil, gas and renewables projects with an initial investment of $10-billion in southern Iraq over 25 years.Iraq’s demand for a 40 per cent share in the project is a key sticking point while TotalEnergies wants a majority stake, sources told Reuters. Asked if the issue of Iraq’s share in the project was resolved, Abdel-Ghani said: “It’s not the time to discuss the shares and we will announce them when an agreement is reached.”
Abdel-Ghani also said that Iraq is committed to maintaining its 220,000 barrel per day oil output cut in line with its quota under the latest OPEC+ agreement.“We obliged some oil companies operating in the south to cut production to come in line with OPEC+’s agreed rates,” he added.Your Globe
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