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ABC: Total will own a larger stake than the Iraqi government in the Basra Oil Company
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Baghdad Today - Translator
Today, Wednesday, the American ABC network revealed the shares to be acquired by the French company Total Energy in return for developing the oil and gas sector in Basra Governorate, stressing that it will be the largest owner of shares within the government company.
The network explained, according to a report translated by (Baghdad Today), that "Total Energy will get a share of 45% of the company, while the share of the Iraqi government will be only 30%, which it said will make the French company the largest owner."
The network also indicated that "the implementation of the deal projects signed with Total Energy" will not be achieved unless all parties take effective measures to prevent corruption that has dominated the Iraqi state for the past twenty years from disrupting the project, which has positive results on the Iraqi energy sector and environment.
Last Monday, Iraq and the French company Total Energies signed a deferred agreement with investments amounting to 27 billion dollars, and it aims to increase oil production and enhance the country's ability to produce electricity through the implementation of 4 oil, gas and renewable energy projects.
The agreement was signed in 2021 with initial investments of $10 billion for a period of 25 years, but its implementation was postponed due to disagreements between the country's political parties regarding its terms.
Total's share will be 45%, while Qatar Energy will have a 25% stake, and the remaining 30% will go to Iraq.
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