Muhammad added that Total Energies and Basra Oil “are in the process of finalizing certain contractual procedures and the documents necessary to activate the contract”.
And he added: “Meetings are continuing with Total to avoid any delays, and the contract will be activated in the second half of this year to start operations.”
The agreement was reached in 2021, according to which Total Energies will implement four oil, gas and renewable energy projects with an initial investment of ten billion dollars in southern Iraq over a period of 25 years. , but it was postponed due to disagreements among Iraqi politicians over the terms.
Last month, Iraq announced approval of a smaller 30% stake in the project, reinvigorating the deal, which Baghdad hopes will attract foreign investment back to a country that is experiencing a relative stability after years of conflict and tension. Qatar Energy Company will also have a stake in the project.
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