TotalEnergies signs oil, gas and solar contracts in Iraq
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Combustion Industry News Editor
TotalEnergies (the company formerly known as Total) is to invest in four major projects in Iraq, making it the largest ever investment by a foreign company in the country, as the Financial Times reports. Two projects are related to oil extraction, one to gas extraction and the fourth is a solar plant (making it the second solar plant the country has signed off on in a week). The initial investment will be US$10 billion (€8.4 billion), with the longer-term investment being US$27 billion (€22.7 billion); according to TotalEnergies’ chief executive Patrick Pouyanné, investing in oil and gas projects will give the company the revenue it needs to fund its intended transition to clean energy. Iraq, dependent on oil for 90% of its revenue, has been hit hard by reduced demand for crude oil during the COVID-19 pandemic, with GDP shrinking by 11%, worsening poverty and unemployment.