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Mubasher: The French company, Total Energies, said today, Monday, that the value of its total investments in the projects signed yesterday with the Iraqi government for optimal investment projects for associated gas and the development of oil fields is 10 billion dollars.
These agreements mark the company's return through the front door to Iraq, the country in which Total was born in 1924, said Total Chairman and CEO, Patrick Bojani.
Boyani added: "Our ambition is to help Iraq build a more sustainable future, by developing the country's natural resources, obtaining electricity through more sustainable use, reducing gas flaring that generates air pollution and greenhouse gas emissions, managing water resources and developing solar energy."
For his part, Iraqi Oil Minister, Ihsan Abdul-Jabbar Ismail, said that Total Energy will invest up to $10 billion in building gas and oil facilities, water injection and solar energy during the first years of the gigantic integrated gas project, in the largest investment step in the country's energy sector.
The Minister of Oil added, through his official account on "Twitter", that it will spend about 27 billion dollars cumulatively during the life of the project.
Yesterday, Sunday, [You must be registered and logged in to see this link.] , which includes three contracts between the Iraqi Ministry of Oil and the French Total Company, and the fourth contract for the solar energy project between the Ministry of Electricity and the French Total, under the auspices of the Iraqi Prime Minister, Mustafa Al-Kazemi. .
The total value of the four projects is $27 billion, while the total return on profits during the contract period is $95 billion, calculating the price of a barrel of $50.
Total Energy in Iraq began its activities in the 1920s with the discovery of the Kirkuk field.
The company currently owns a 22.5% stake in the Halfaya oil field, which will produce approximately 20,000 barrels per day in 2020.
Total sells lubricants in Iraq through distributors in the local retail market, according to the company's statement.
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