French oil major TotalEnergies confirmed it had reached an agreement with the Iraqi government on a long-delayed $27 billion energy project, reviving a deal which Baghdad hopes could lure back foreign investment in the country.
The deal was signed in 2021 for TotalEnergies to build four oil, gas and renewables projects with an initial investment of $10 billion in southern Iraq over 25 years.
But it has been held up by disputes over the terms of the contract.
After the Iraqi government said on Tuesday it had agreed to take a smaller than initially demanded stake in the project of 30 per cent, TotalEnergies said in a statement it would own a 45 per cent stake,
