Iraq: French giant TotalEnergies signs contract for $ 27 billion

TotalEnergies will invest $ 27 billion in oil, gas and solar in Iraq after signing a contract with the country's authorities (Illustrative image).

© CHRISTOPHE ARCHAMBAULT / AFP

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The oil giant TotalEnergies signed this Sunday, September 5, a contract for 27 billion dollars of investments in Iraq.

This was announced by the Iraqi Minister of Petroleum at the end of the signing ceremony in Baghdad, in the presence of the CEO of TotalEnergies, Patrick Pouyanné.

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With our correspondent in Baghdad,

Lucile Wassermann

This is called a colossal contract.

$ 27 billion.

It is quite simply the biggest investment of a Western company in Iraq according to the Iraqi Minister of Oil.

And it is therefore the French company TotalEnergies which wins this prize.

Oil, gas and solar

The objective of this agreement is to stimulate the production of oil and gas. Very concretely, this money should make it possible to transport water, necessary to extract oil. It should also promote the extraction and exploitation of gas in southern Iraq, and finally allow the construction of a field of solar panels in the country.

So many projects supposed to alleviate the energy crisis and the incessant power cuts that Iraq is experiencing, ultra-dependent on its Iranian neighbor in terms of gas and electricity.

It remains to be seen how these projects of the French giant will succeed, in a country undermined by multiple 

security challenges

, endemic corruption, and where many other companies have not seen sufficient guarantees to invest.

A representative of the Iraqi government signs a contract for 27 billion dollars of investments in the country with the CEO of TotalEnergies Patrick Pouyanné.

© © AFP PHOTO / HO / IRAQI PRIME MINISTER'S PRESS OFFICE

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