TotalEnergies to Invest Around $10 Billion in Iraqi Projects
06 September 2021 - 09:53AM
Dow Jones News
By Mauro Orru
TotalEnergies SE has signed agreements with the Iraqi government
for several projects in the Basra region, with investments of
around $10 billion.
The French energy giant said Monday that it would invest in
installations to recover gas that is being flared on three oil
fields and develop solar-electricity-generation capacity to supply
the Basra regional grid.
The announcement comes after The Wall Street Journal reported
that TotalEnergies plans to invest $27 billion in Iraq in a 25-year
deal, according to people familiar with the matter, with $10
billion as an initial investment.
Under the agreements, TotalEnergies will construct a new gas
gathering network and treatment units to supply local power
stations, build a large-scale seawater treatment unit, as well as a
photovoltaic power plant that it will operate to supply electricity
to the grid in the Basra region.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
September 06, 2021 03:38 ET (07:38 GMT)
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