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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