(WSJ) Energy giant TotalEnergies is seeking an investment of up to $27 billion in Iraq, in a deal that will run for 25 years.
The deal boosts investments of the French energy giant in Iraq, with focus on different energy projects. Key projects include injecting seawater into oil fields, natural-gas processing, and a solar farm.
Total has already pledged an initial $10 billion investment to kickstart the projects.
The projects are expected to improve Iraq’s energy supply, with chronic power and water shortages being troublesome issues in the country.
The investment is also expected to reduce Iraq’s reliance on natural gas from Iran. Iraq has faced pressure from Washington for relying on the Iranian oil.
Total’s deal comes even as other countries reassess their portfolios in line with investors’ and government pressure to cut carbon emissions.
TTE: EPA is up +0.94%.
