TOTALENERGIES’ $27BN BET ON IRAQ BOOSTS AILING OIL INDUSTRY
- Investment shows confidence in Iraq’s new prime minister
- Some analysts sceptical deal will trigger renewed foreign investment
Dubai, United Arab Emirates – 13July, 2023:TotalEnergies’ signing of a long-stalled $27 billion deal to develop several energy-related projects in Iraq is a significant vote of confidence in the country’s fraught oil and gas industry, according to analysts.
The agreement represents the biggest single foreign investment in Iraq in modern times and suggests the government of newly-installed prime minister Mohammed Shia al-Sudani is proving more adept at wooing foreign investors than its recent predecessors.
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