Iraq and TotalEnergies expect to begin work on a long-delayed $27 billion project within the next two weeks, Iraq’s oil minister Hayan Abdel-Ghani said on Wednesday.
According to a Reuters report, Abdel-Ghani said at a conference in Baghdad he expected five side agreements related to the deal to be signed in the next two weeks, paving the way for implementation to commence.
The deal was signed in 2021 for TotalEnergies to build four oil, gas and renewables projects with an initial investment of $10 billion in southern Iraq over 25 years, but it was delayed amid disputes between Iraqi politicians over terms.
Iraq said last month it had agreed to a smaller 30% stake in the project, reviving the deal that Baghdad hopes could lure foreign investment back into a country enjoying relative stability after years of conflict and tensions.
QatarEnergy will also have a share in the project.
“We confirm that discussions are advancing,” a TotalEnergies spokesperson said.
