BASRA, Iraq, May 12 (Reuters) - Iraq expects
TotalEnergies to begin operations on a long-delayed
$27 billion oil, gas and renewables project in the second half
of 2023 after finalising side-contracts with a state oil
company, an Iraqi deputy oil minister said on Friday.
Basim Mohammed, Iraqi deputy oil minister for upstream
affairs, said TotalEnergies and the Basra Oil Company "are now
in the process of finalising some contractual procedures and
documents necessary to activate the contract."
"Meetings continue with Total to avoid any delay and the
contract will be activated in the second half of this year to
start operations," he said.
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 was delayed
amid disputes between Iraqi politicians over terms.
Iraq said last month it had agreed to a smaller 30% stake in
the project, reviving the deal that Baghdad hopes could lure
foreign investment back into a country enjoying relative
stability after years of conflict and tensions.
QatarEnergy will also have a share in the project.
(Reporting by Aref Mohammed in Basra; Writing by Timour Azhari;
Editing by Edmund Blair)
+96170191137;))
