Qatar in talks to buy stake in TotalEnergies’ $27bln Iraqi projects – report

Qatar in talks to buy stake in TotalEnergies’ $27bln Iraqi projects – report

Qatar is in talks to buy a stake from French multi-energy company TotalEnergies' $27 billion cluster of energy projects in Iraq, Reuters reported citing sources.

"QatarEnergy is looking to acquire a stake of around 30% in the project, one source said," Reuters reported.

An investment from Qatar is expected to contribute an important victory for Iraqi Prime Minister Mohammed al-Sudani, who took office last year after a long period of political turmoil.

TotalEnergies have been operating in Iraq since the late 1920s in oil and gas exploration and production. The company currently has a 22.5% interest in the Halfaya oil field.

The French company has signed major multi-energy agreements in Iraq covering the construction of a new gas network and treatment units, the construction of a large-scale seawater treatment unit and the construction of a 1 GW photovoltaic power plant, according to its website.

(Writing by Seban Scaria; editing by Brinda Darasha)

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