Iraq

Baghdad, July 10, 2023: Iraq and French energy firm TotalEnergies have signed a 27-billion dollars deal on Monday, which included four mega projects in the fields of oil, gas and renewable energy.

Oil Minister Hayyan Abdul-Ghani and TotalEnergies chairman and chief executive Patrick Pouyanne signed the deal at the Oil Ministry in Baghdad.

Abdul-Ghani said that it was an important deal for Iraq and reiterated Iraq’s commitment to provide a safe environment for all companies working in the country.

One of the projects aimed to use solar power to generate electricity in the country, which has been suffering from power shortages for decades.

Officials at the ministry told dpa the deal would go into effect one month after being signed and would continue for around 30 years to increase oil production.

Earlier this month, the Oil Ministry said revenues of oil exports exceeded 7.1 billion dollars in June.