RIYADH: The Iraq National Oil Company (INOC) will join forces with French Total to deliver a giant energy project in Basra, the country’s Ministry of Oil has revealed.

The Iraqi cabinet signed off on the deal on Tuesday, which will see INOC serve as a financing partner in the arrangement and hold around a 40 percent stake in the partnership.

The government’s approval aims to expand the company’s commercial and financial activity, leading to greater economic returns and solid partnerships with well-known international companies, oil minister Ihsan Abdul-Jabbar said.

Last September, Iraq signed a $27 billion agreement with Total group to invest in the field of gas and oil as well as the exploitation of solar energy.

The deal represents the largest investment by a foreign company in Iraq, Abdul-Jabbar said.

"A third of the investment funds will be injected over the next seven years," he said.

Copyright: Arab News © 2021 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.