The United States welcomed Iraq’s oil, gas and renewables deal with French oil major TotalEnergies, White House national security adviser Jake Sullivan affirmed in a statement.
“Formally signed this week, this massive deal, which will include participation from regional and American companies, is a major step towards both establishing Iraq’s energy self-sufficiency and meeting its climate goals,” Sullivan indicated.
Fassim Khudair, Oil Ministry Undersecretary, highlighted that TotalEnergies will start executing the $27-billion oil and gas contract with Iraq within one month.
Under the agreement, the four projects specified by the contract will have to be launched simultaneously, according to Khudair.
“After one month, practical steps will begin on the ground including the construction of the infrastructure….we expect that within four years, we will start reaping the fruits of those projects,” Khudair told the official Iraqi news agency.
Through the agreement, Iraq aims to develop its oil, gas, and renewable energy sector.
