Iraq said on Tuesday it has agreed to a smaller 30% stake in TotalEnergies long-delayed $27 billion project, reviving a deal that Baghdad hopes could lure back foreign investment into the battered country which craves stability.
TotalEnergies logos are seen at a fuel station in Nice, France, October 10, 2022. REUTERS/Eric GaillardShareholding structure was a major sticking pointBAGHDAD, April 4 - Iraq said on Tuesday it has agreed to a smaller 30% stake in TotalEnergies
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.Iraq's cabinet said in a late Tuesday statement that it had approved the amended 30% share "due to the importance of resolving the issue and proceeding with the signing of related agreements."
The agreement to lower the share to 30% was struck after meetings in Baghdad over the past few days, an industry source said."The deal should be activated within days," a senior Iraqi oil ministry official said. TotalEnergies would be responsible for the first phase of the seawater project costing $3 billion, the statement said.
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