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After an agreement to invest $27 billion in energy, France's Total withdraws from Iraq

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After an agreement to invest $27 billion in energy, France's Total withdraws from Iraq Empty After an agreement to invest $27 billion in energy, France's Total withdraws from Iraq

Post by RamblerNash Sun Jul 17, 2022 10:15 pm

After an agreement to invest $27 billion in energy, France's Total withdraws from Iraq 2385
Update 07/17/2022 - 3:28 PM
  
Economy News-Baghdad

Economist Nabil Al-Marsoumi revealed, on Tuesday, that the French company Total decided to withdraw from Iraq, at the end of this month.

Al-Marsoumi said in a Facebook post, “Private information from reliable sources indicates that the French company Total decided to withdraw at the end of July from the initial agreement it signed with the Iraqi Oil Ministry, in September 2021, due to the delay in forming the Iraqi government and the inability to convert the initial agreement into a final contract between them. ".

He pointed out that "the previous agreement included the implementation of four projects in Basra worth $27 billion in the field of oil, gas and electric power. The first is to develop a complex and refining gas in all fields, outside the Basra Gas Agreement, which are the fields of (Artawi, West Qurna/2, Majnoon, Al-Touba, Al-Luhais)." )".

The second project is related to "transferring and treating sea water with a capacity of 5 million barrels per day to maintain and increase production from oil fields, the third project, the establishment of facilities to produce one thousand megawatts of electric power based on solar energy, and the fourth project, the development of the Artawi oil field with the aim of maximizing the potential of gas supply."

The implementation of the project was delayed due to "the Oil Ministry's failure to obtain approvals on the financial details of the deal from all government departments whose approval is required, and it sank into many disputes."

The economic expert pointed out that "the agreement raised concerns because of the signing of the agreement without procedures that guarantee competition and transparency."

The sources say that "under the draft terms, Total is counting on obtaining ten billion dollars of the first investment to finance the broader project by selling oil from the Artawi oil field, which is one of the four projects in the broader agreement."

The Artawi field is currently producing 85 thousand barrels per day, and Total seeks to increase it to the level of 210 thousand barrels per day, and Total is scheduled to get 40% of the sales of the Artawi field to pay the amount that the company spent.

https://economy-news.net/content.php?id=28880

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After an agreement to invest $27 billion in energy, France's Total withdraws from Iraq Empty Re: After an agreement to invest $27 billion in energy, France's Total withdraws from Iraq

Post by kakalinasewald Tue Aug 09, 2022 1:26 pm

I think Total's withdrawal from Iraq greatly impacted its economy. The oil and gas revenues from that company were an important part of life in the country. I think Total will eventually come back when it gets a better offer, but the Iraqi authorities will have to give twice as much money for that. Right now, I pay a lot of money for utilities. What scares me is that the price tag on everything is always going up, not down. I already gave up one of my credit cards because there was too much debt. The only thing that saves me now is my one major cashback credit card I found at youngandthrifty.ca. It's only because of that find that I can still pay my car bills and fix appliances, food, and utilities.

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