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Iraq expects TotalEnergies to begin operations on a long-delayed $27 billion oil, gas, and renewables project in the second half of 2023 after finalizing side contracts with a state oil company, an Iraqi deputy oil minister said on Friday. The deal was signed in 2021 for TotalEnergies to build four oil, gas and renewables projects with an initial investment of $10 billion in southern Iraq over 25 years, but it was delayed amid disputes between Iraqi politicians over terms. Iraq said last month it had agreed to a smaller 30% stake in the project, reviving the deal that Baghdad hopes could lure foreign investment back into a country enjoying relative stability after years of conflict and tensions.

Iraq expects Total to begin $27 bln energy project in second half of 2023

Iraq expects TotalEnergies to begin operations on a long-delayed $27 billion oil, gas, and renewables project in the second half of 2023 after finalizing side contracts with a state oil company, an Iraqi deputy oil minister said on Friday. The deal was signed in 2021 for TotalEnergies to build four oil, gas and renewables projects with an initial investment of $10 billion in southern Iraq over 25 years, but it was delayed amid disputes between Iraqi politicians over terms. Iraq said last month it had agreed to a smaller 30% stake in the project, reviving the deal that Baghdad hopes could lure foreign investment back into a country enjoying relative stability after years of conflict and tensions.

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