The Iraqi oil minister said French oil giant Total will carry out 4 gigantic energy projects in the south of the country, worth $ 27 billion, according to an agreement signed in Baghdad on Sunday.
A Total official said at the signing ceremony that the company will start with an initial investment of $ 10 billion, noting that engineering work will begin at the end of quest’year.
The main power grid in Iraq experiences outages that last for hours every day throughout the year, but supply shortages are exacerbated during the hot summer months, when temperatures soar as high as 50 degrees Celsius, and households rely on air coolers.
Iraqi Oil Minister confirmed, in previously, the will to carry out the government’s plans to increase and enhance the national production of clean energy.
He revealed that Iraq is implementing a plan to replace clean energy with energy produced from fossil fuels, with a rate of 20 to 25% of the energy produced, equivalent to 10-12 gigawatts.
Iraq also plans to increase its oil production to 8 million barrels per day by the end of 2027.
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