French energy giant Total Energy will invest $ 27 billion in Iraq

French energy giant TotalEnergies will invest $ 27 billion in Iraq as part of a 25-year deal, according to sources close to the matter.
Read more in Calcalist: Total wants to become greener and changes its name The Aluma Infrastructure Fund has submitted a prospectus to raise NIS 150 million Kelsinergy is expanding its operations to Europe The oil produced from them, a natural gas processing plant and a solar farm.
2 View the gallery TotalEnergies electric charging station in ParisTotalEnergies electric charging station in ParisTotalEnergies Electric Charging Station in Paris (Bloomberg)
Total has pledged an initial investment of $ 10 billion, according to one source. Total CEO Patrick Puyan attended the signing ceremony in Baghdad yesterday, attended by Iraqi Oil Minister Ishan Abdul Jabbar, a spokesman for the Iraqi Ministry of Oil said. Chronic energy supplies and water in the country, especially during the summer, have led to widespread protests in recent years. Planned investments in Iraqi energy infrastructure could help the country reduce its dependence on Iranian gas. Iraq has repeatedly found itself under pressure from the US due to its gas purchases from Iran. The deal comes at a time when oil and gas companies are reassessing their investment portfolios to reflect the concerns of investors, governments and environmental experts about everything related to carbon emissions. As a result, several companies, including Total, Royal Dutch’s, and British Petroleum, are looking to invest in low-carbon energy projects, such as solar and wind energy. Also, a number of large Western energy companies have changed the way they operate in Iraq.
2 View the gallery TotalEnergies electric charging station in Paris, against the backdrop of the company headquartersTotalEnergies electric charging station in Paris, against the backdrop of the company headquartersTotalEnergies electric charging station in Paris, against the backdrop of the company’s headquarters (Bloomberg)
Last month, BP announced that it would redefine its operations in Iraq under a separate company. BP and PetroChina, the public subsidiary of the national Chinese oil company, have recently set up a joint venture – Basra Energy, through which the companies intend to conduct their operations at the Romela oil field in Iraq. Exxon Leads earlier this year held talks to sell its positions in West Korna 1 to the Iraqi government, and Chevron signed a memorandum of understanding with the Iraqi government last year regarding oil and gas drilling in the south of the country.

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