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French energy giant TotalEnergies announced Wednesday an agreement with Iraq on a long-delayed $10 billion project to improve the country's rundown electricity grid after resolving disputes over the…
TotalEnergies will lead a consortium with the Basra Oil Company and QatarEnergy after overcoming difficult negotiations with Iraq over the government's stake in a potentially transformational set of energy deals.
The consortium will thus be composed of TotalEnergies (45%), Basrah Oil Company (30%) and QatarEnergy (25%)
The long-delayed deal is expected to bolster the regional electricity grid in the south of the country.
While confirming all the terms of the Development & Production Contract signed in 2021, TotalEnergies and the Iraqi Government have jointly defined the necessary conditions and mutual insurances to move forward with the Gas Growth Integrated Project (GGIP).