TotalEnergies will increase its investment in Iraq by $4 billion. This expansion raises the company's total commitment from $12 billion to $16 billion. CEO Patrick Pouyanné and Iraqi Prime Minister Ali Al-Zaidi finalized the plan during a meeting in Paris.
The additional funding supports the Gas Growth Integrated Project (GGIP) in southern Iraq. TotalEnergies operates this $10 billion multi-energy initiative alongside partners Basra Oil Company and QatarEnergy.
The project aims to recover flared gas to supply domestic power plants. It also includes the redevelopment of the Ratawi oil field.
The initiative will construct large-scale solar and water treatment facilities. These efforts intend to enhance Iraq's energy independence and reduce carbon emissions.