Iraq signs $27 billion energy deal with TotalEnergies, says report

Iraq and TotalEnergies on Monday signed a long-delayed $27 billion energy deal that aims to increase oil output and boost the country’s capacity to produce energy with four projects.
 

Initially signed in 2021, the deal has faced delays amid disputes between Iraqi politicians over the terms, but was finally closed in April when Iraq agreed to take a smaller than initially demanded stake in the project of 30 per cent.
 

TotalEnergies took a 45 per cent stake and QatarEnergy holds the remaining 25 per cent.
 

TotalEnergies Chairman and CEO Patrick Pouyanne signed the agreement with Iraqi oil minister Hayan Abdel-Ghani at a ceremony in Baghdad, with Pouyanne calling it a “historic day”.