SULAIMANI (ESTA) — Iraqi oil minister Ihsan Abdul Jabbar said the country was discussing a “giant” agreement with French oil giant Total SE to build large infrastructure installations, develop oil fields and produce gas.
Abdul Jabbar told Asharq News in an interview that aired on Saturday that he expected the contract to be finalized before July, according to Bloomberg.
He said the relationship with Total would be based on targeting low-carbon industry and capturing all flaring gas, Bloomberg reported. The company is also set to produce IGW of solar energy in the first stage.
“The agreement is giant, and the volume of the investment exceeds $7 billion,” Bloomberg quoted Abdul Jabbar as saying.
In January, the Iraqi oil ministry signed a memorandum of understanding with Total CEO Patrick Pouyanne on capturing natural gas and clean energy infrastructure.
Iraq is also expected to ink a deal to build an oil export pipeline from the southern province of Basra to Jordan’s Aqba port on the Red Sea, according to Bloomberg.
The oil minister said a framework agreement might be signed before mid-April.
Iraq, OPEC’s second-largest producer, relies on oil exports for nearly all its state revenue. It was hit hard by low oil prices last year and struggled to pay public sector workers.
