French oil major TotalEnergies confirmed it had reached an agreement with the Iraqi government on a long-delayed $27 billion energy project, reviving a deal which Baghdad hopes could lure back foreign investment in the country.
The French company said the deal reached with the Iraqi government "is a strong and positive signal for foreign investment in the country."
The Gas Growth Integrated Project aims to improve the country's electricity supply, including by recovering flared gas on three oil fields to supply power generation plants. TotalEnergies said it would in addition develop a 1 GW solar power plant to supply electricity to the Basrah regional grid, inviting Saudi company ACWA Power to join the project.
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