Iraq and total of $7 billion oil and gas infrastructure deals
Iraq is discussing a “giant” agreement with French oil giant Total SE to build large infrastructure installations, develop oil fields and produce gas, Oil Minister Ihsan Abdul Jabbar told Asharq News in an interview that aired on Saturday.
The minister said he hoped the agreement would be finalized before July. The relationship with Total targets the low-carbon industry and will be based on all floating gas capture and is set to produce 1GW of solar power in the first phase. A special team from the Ministry of Oil is leading the discussion.
“The deal is huge, and the amount of investment has exceeded $7 billion,” the minister said.
Abdul Jabbar said the conditions, including the political and administrative decisions of the economic model to protect the rights of both sides, had already been attacked.
In January, Iraq signed a memorandum of understanding with Total CEO Patrick Pouyanne to acquire natural gas, clean energy and infrastructure. Talks between Iraq and Total were first reported in October.
Iraq is also expected to sign an agreement this year to build an oil export pipeline from the southern province of Basra to the Jordanian port of Aqaba in the Red Sea. Abdul Jabbar said a framework agreement could be signed before mid-April.