French energy giant TotalEnergies will start work on a $27-billion oil and gas contract with Iraq within one month citing a top official.
Iraq, which controls the world’s fifth largest proven oil reserves, signed the massive deal with the French firm to develop its oil, gas and renewable energy sector on Monday. It is the largest foreign investment in the history of the war-torn Arab nation.
Under the agreement, the four projects specified by the contract will have to be launched simultaneously, said Fassim Khudair, Oil Ministry Undersecretary.
“After one month, practical steps will begin on the ground including the construction of the infrastructure….we expect that within four years, we will start reaping the fruits of those projects,” Khudair told the official Iraqi news agency.
While signing the landmark deal during a ceremony in Baghdad on Monday, Iraqi Oil Minister Hayyan Abdul Ghani and TotalEnergies CEO Patrick Pouyanne exchanged positive remarks regarding the project, which will see the energy giant build four projects for oil, gas, and renewables in southern Iraq over 25 years.
