Iraq signs Multi-Billion-Dollar Deal with TotalEnergies
By John Lee.
The Iraqi Ministry of Oil has signed four contracts, reportedly worth a total of $27 billion, with the French company TotalEnergies.
The contracts cover a range of projects, including the development of the Ratawi [sometimes called Artawi] oil field, the construction of a 1GW solar power plant, and the transportation of seawater for productive oil fields.
Also included is the Gas Growth Integrated Project (GGIP), in which TotalEnergies will hold a 45-percent stake, with 30 percent held by the state-run Basra Oil Company (BOC) and 25 percent by QatarEnergy, which will process 600 million cubic feet of gas per day.
The signing ceremony was held under the auspices of Deputy Prime Minister and Minister of Oil Hayan Abdul-Ghani. He said that the contracts "achieve the strategic vision of the oil sector and in harmony with the future plans in that."
The head of the French company Total, Patrick Pouyanné, expressed his happiness over the signing of the contracts. He said that his company is "keen to implement the terms of the contracts concluded within the specified controls and the time limit for that."
The official spokesman for the Ministry of Oil, Asim Jihad, pointed out the importance of these integrated contracts in developing the oil industry in Iraq. He stressed that the ministry is keen to implement contracts for strategic projects that achieve long-term gains for the country.
(Source: Ministry of Oil)