French TotalEnergies is set to start executing a $27 billion oil and gas contract with Iraq in a month, said an official on Wednesday.
Iraq, the OPEC member which holds the world’s fifth largest proven oil reserves, signed a deal with TotalEnergies on Monday to develop its oil, gas, and renewable energy sector.
The investment is the largest foreign investment in the history of the war-torn country. The agreement states that the four projects will be launched simultaneously, said the Oil Ministry Undersecretary, Fassim Khudair.
“After one month, practical steps will begin on the ground including the construction of the infrastructure….we expect that within four years, we will start reaping the fruits of those projects,” Khudair said.
The Iraqi Oil Minister, Hayyan Abdul Ghani and TotalEnergies CEO, Patrick Pouyanne exchanged positive remarks regarding the project during the signing ceremony.
