French energy giant TotalEnergies has signed major deals with Algeria and Iraq in the past two days.
Iraq’s Ministry of Oil and TotalEnergies signed a long-delayed $27 billion deal aimed at developing Iraq’s energy sector. The deal includes the Gas Growth Integrated Project, which aims to improve Iraq’s electricity supply by recovering gas flares from oil fields and using them to supply power plants.
TotalEnergies also said it will develop a 1-gigawatt solar plant in the southern city of Basra and invited Saudi Arabia's ACWA Power to participate. The gas project further includes plans for a plant that will use seawater in the oil production process as opposed to water from rivers and marshes. TotalEnergies will also help boost oil production capacity at the Ratawi field in Basra, Reuters reported.
A spokesperson for TotalEnergies confirmed to Al-Monitor that the deal was signed in Baghdad on Monday.
