The dispute between French energy major TotalEnergies and Iraq over $27 billion worth of projects has been settled, with the company's staff returning back to Baghdad, reports say.
TotalEnergies' foreign staff have returned to Iraq and everything is back to normal, two ministry sources told Reuters on Friday.
In 2021, Iraq signed an agreement with TotalEnergies to develop oil and gas and renewable energy projects worth $27 billion.
TotalEnergies said at the time that it would make an initial investment of $10 billion in the country.
Iraq reportedly wanted to take a 40 per cent stake in the projects, as opposed to the 25 to 30 per cent stake proposed by TotalEnergies.
The French company had begun to withdraw staff from Iraq due to the disagreement, Iraq Oil Report said this week.
However, a representative for the oil ministry told The National on Thursday that the government supports the deal.
“We have no problems with TotalEnergies and our relations are good and growing,” the representative said.
“There are some differences including the shares in the project and time has been given to continue the talks to reach a solution that is acceptable to concerned parties.
“Both sides are keen to move forward to reach [an] agreement in a way that benefits their interests,” the representative added.
The National has reached out to TotalEnergies for comment.
Opec’s second-largest producer Iraq depends on oil revenue to meet 90 per cent of government expenditure.
The country exports about 3.3 million barrels of oil per day, while production in the semi-autonomous Kurdish region amounts to more than 450,000 bpd.
MATCH INFO
Manchester City 3 (Sterling 46', De Bruyne 65', Gundogan 70')
Aston Villa 0
Red card: Fernandinho (Manchester City)
Man of the Match: Raheem Sterling (Manchester City)
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Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
Emirates exiles
Will Wilson is not the first player to have attained high-class representative honours after first learning to play rugby on the playing fields of UAE.
Jonny Macdonald
Abu Dhabi-born and raised, the current Jebel Ali Dragons assistant coach was selected to play for Scotland at the Hong Kong Sevens in 2011.
Jordan Onojaife
Having started rugby by chance when the Jumeirah College team were short of players, he later won the World Under 20 Championship with England.
Devante Onojaife
Followed older brother Jordan into England age-group rugby, as well as the pro game at Northampton Saints, but recently switched allegiance to Scotland.
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