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TotalEnergies confirms $10 billion investment in Iraq oil fields, solar plant

The long-delayed deal is expected to bolster the regional electricity grid in the south of the country.
Patrick Pouyanne, CEO, TotalEnergies

TotalEnergies has confirmed that it will make an initial investment of $10 billion in three Iraqi oil fields and develop a solar energy plant to supply the Basrah regional grid in the south of the country, as part of a $25 billion deal with Iraq's government and QatarEnergy.

Reports emerged on Tuesday that the French energy giant had struck a deal with the Iraqi government to work on the $27 billion energy project, with the state taking a 30% stake.

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