Total has signed an agreement with Iraq worth US$27bn to build four massive energy projects in the country. The deal includes three contracts between the Iraqi Ministry of Oil and Total to develop the oil field of Artawi in the southern province of Basra, while the fourth was signed between the Ministry of Electricity and Total to create a solar energy project.
According to Reuters, Total CEO Patrick Pouyanne said, at the signing ceremony, that the company will first spend US$10bn. Pouyanne added that the company plans to start engineering work immediately and will mobilise the teams in the country before the end of this year.
Total will invest US$3bn in the first phase of the project, which aims to inject seawater into oil fields to increase oil recovery. The company will also invest US$2bn to build a processing plant for the production of natural gas in the West Qurna 2, Majnoon, Artawi, Tuba and Luhais gas fields.
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