Basra Oil Company head expects Qatar to take 20-25% stake in TotalEnergies’ Iraq project

Basra Oil Company head expects Qatar to take 20-25% stake in TotalEnergies’ Iraq project

BASRA, Iraq - The head of Iraq's Basra Oil Company (BOC) told Reuters on Wednesday that he expects Qatar to acquire a 20-25% stake in TotalEnergies' $27 billion cluster of energy projects in the country, with the Baghdad government aiming to hold around 40%.

A major investment in the projects by a Gulf state would be an important win for Iraqi Prime Minister Mohammed al-Sudani, who took office last October following more than a year of political turmoil.

It would also be considered a step towards countering Iranian influence. "Qatar is one of the promising and developed countries in this regard...we determine our percentage as an Iraqi country, and the rest is for Total and QatarEnergy...I don't expect more than 20-25%, they are talking about 30%," said Bassem Abdul Karim, director general of state-run BOC, referring to Qatar's potential stake.

"The important thing for us is to set our share...Iraq is talking about 40%."

Talks are ongoing, Abdul Karim added. Sources told Reuters last week that Qatar was looking to acquire a stake of around 30% in the project.

QatarEnergy and TotalEnergies did not immediately respond to requests for comment.

Abdul Karim said he hopes that the contract with France's TotalEnergies - which was signed in