Total Inks $27 Billion Oil, Gas, Solar Deals in Iraq

Published September 6th, 2021 - 03:00 GMT
Total Inks $27 Billion Oil, Gas, Solar Deals in Iraq
The energy giant will initially inject $10 billion into the projects over seven years to boost the country’s electricity supply. (Shutterstock)
Highlights
Iraq is in need of such deals as the war-ravaged nation is grappling with electricity shortages.

Total, the French energy giant, is planning to double down on investments in Iraq with a new $27 billion 25-year deal in a time where everyone else is thinking of reshuffling their position.

Iraq

Total's deal with the oil-rich Middle Eastern nation included pouring investments in various energy projects, injecting seawater into oil fields to increase the amount of oil recovered, a natural-gas processing plant, and a solar farm.

As the second-largest oil-producing country in the Opec, Iraq is in need of such deals as the war-ravaged nation is grappling with electricity shortages.

The energy giant will initially inject $10 billion into the projects over seven years to boost the country’s electricity supply.


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