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[size=36]Iraq is close to activating an agreement with "Total" worth 27 billion dollars[/size]
Economy| 06:12 - 03/19/2023
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Baghdad - Mawazine News
Iraqi Oil Minister, Hayan Abdul-Ghani, said on Sunday that the talks Iraq is holding with the giant French energy company Total Energies to resolve the sticking points in a delayed activation deal worth $27 billion have reached "advanced stages."
"They are close to activating the contract," Abdul-Ghani said at an energy conference.
The agreement, which Baghdad hopes will contribute to reviving foreign investment in the country, was signed in 2021 on the basis that it would allow Total to build four oil, gas and renewable energy projects with initial investments of $10 billion in southern Iraq over 25 years.
However, disagreements between Iraqi politicians over the terms of the agreement hindered its implementation.
Sources told Reuters that Iraq's request for a 40 percent stake in the project is a major point of contention, as Total Energy wants a majority stake.
In response to a question about whether the issue of Iraq's share in the project has been resolved, Abdul-Ghani said that the time is not appropriate to discuss the matter, adding that the announcement of the shares will take place when an agreement is reached.
Abdul-Ghani also said that Iraq is committed to maintaining an oil production rate of 220,000 barrels per day, in line with the quota set by the latest agreement of the OPEC+ alliance to cut production.
The minister added that Iraq is ready to increase its production if the OPEC + alliance decides to do so.
He said, "We forced some oil companies operating in the south to reduce production in line with the agreed OPEC + rates." Ended 29/M99
Iraqi Oil Minister, Hayan Abdul-Ghani, said on Sunday that the talks Iraq is holding with the giant French energy company Total Energies to resolve the sticking points in a delayed activation deal worth $27 billion have reached "advanced stages."
"They are close to activating the contract," Abdul-Ghani said at an energy conference.
The agreement, which Baghdad hopes will contribute to reviving foreign investment in the country, was signed in 2021 on the basis that it would allow Total to build four oil, gas and renewable energy projects with initial investments of $10 billion in southern Iraq over 25 years.
However, disagreements between Iraqi politicians over the terms of the agreement hindered its implementation.
Sources told Reuters that Iraq's request for a 40 percent stake in the project is a major point of contention, as Total Energy wants a majority stake.
In response to a question about whether the issue of Iraq's share in the project has been resolved, Abdul-Ghani said that the time is not appropriate to discuss the matter, adding that the announcement of the shares will take place when an agreement is reached.
Abdul-Ghani also said that Iraq is committed to maintaining an oil production rate of 220,000 barrels per day, in line with the quota set by the latest agreement of the OPEC+ alliance to cut production.
The minister added that Iraq is ready to increase its production if the OPEC + alliance decides to do so.
He said, "We forced some oil companies operating in the south to reduce production in line with the agreed OPEC + rates." Ended 29/M99
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