Paris (AFP)

The French group TotalEnergies hailed Monday a "return by the front door" in Iraq with an investment which it estimated at around 10 billion dollars, the day after the signing of a contract which had been evaluated at 27 billion by the Iraqi government.

Group CEO Patrick Pouyanné was in Baghdad on Sunday to initial the agreement with the government, which is to last 25 years.

Iraqi Oil Minister Ihssan Ismaïl then referred to a total value of "$ 27 billion", explaining that it was an investment of 10 billion in infrastructure followed by a second round of 17 billion in the long term.

But Monday, TotalEnergies said in a statement that its projects in Iraq represented "a global investment of about 10 billion dollars" (about 8.4 billion euros), without mentioning other amounts.

On Sunday, the group declined to comment.

"These agreements sign our return to Iraq through the front door, the country where our Company was born in 1924," said Patrick Pouyanné, quoted in the press release.

The group will invest in facilities "to recover gas flared on three oil fields" in order to generate electricity (initial capacity of 1.5 gigawatts, then 3 GW), and the construction of a solar power plant of 1 GW of capacity to supply the Basra region.

In detail, the investment covers "the construction of a collection network and gas treatment units", "the construction of a large-capacity seawater treatment unit" (necessary for the oil extraction), and the construction and operation of the photovoltaic power plant.

With the objective of developing "access to electricity for local populations through a more sustainable use of the country's natural resources: reduction of gas burning, a source of air pollution and greenhouse gas emissions. , management of water resources, valorisation of solar energy ".

Iraq has immense hydrocarbon reserves.

It is the second country in the Organization of the Petroleum Exporting Countries (OPEC), and black gold accounts for more than 90% of its revenues.

But he is facing an acute energy crisis and experiences incessant blackouts, which fuel social discontent.

The country even experienced a blackout of almost a day in early July as temperatures approached 50 degrees.

© 2021 AFP