Iraq is hoping to secure a $27 billion investment from Qatar that would stanch the flow of money out of the country, as Western energy companies exit the market. Qatar is considering the acquisition of a group of projects owned by France’s TotalEnergies SE, Reuters reports.
The French energy giant signed a deal to build renewable and gas-powered projects in the country in 2021. But the project has since floundered, and major Western energy companies including Shell, Exxon Mobil, and BP have sought to reduce their footprint in Iraq.
Iraqi Prime Minister Mohammed al-Sudani traveled to Paris on Thursday to meet President Emanuel Macron and TotalEnergies officials. An investment from a Gulf state such as Qatar could revitalize the Iraqi energy industry, Zawya reports. The deal would also mark a win for Sudani, who took office in October last year after a period of political turmoil that threatened to throw the country into chaos.