PROJECTS: Iraq discusses major investment with France’s Total

PROJECTS: Iraq discusses major investment with France’s Total

Oil Minister Ihsan Abdul-Jabbar has revealed that Iraq is discussing a "gigantic agreement" with the French company Total to build large infrastructure facilities, develop oil fields and produce gas, while noting that the country is trying to diversify its gas imports. Iraqi Al-Iqtisad news quoted Abdul-Jabbar as saying in a media interview that the contract is expected to be signed before July and includes capture and use of flared gas, and production of one-gigawatt of solar power capacity. The minister pointed out that "the volume of investment would exceed $7 billion," noting that "the conditions that protects the rights of the two parties, have already been agreed upon." In early March, Zawya Projects had reported that Iraq is planning to end the flaring of gas associated with crude oil production in the country's southern, central and northern fields within four years. In October 2020, SP Global Platts had reported Iraq is in talks with France's Total to invest in two gas projects to boost natural gas production to lower dependence on electricity and gas imports from Iran. (Writing by Majda Muhsen; Editing by Anoop Menon) ([email protected]) Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion