TotalEnergies Shares Jump on Iraq Investment Deal
05 Abril 2023 - 4:57AM
Dow Jones News
By Giulia Petroni
Shares in TotalEnergies SE surged on Wednesday on news that the
French major and the Iraqi government are moving ahead with an
investment plan to boost electricity production in the country.
At 0717 GMT, the stock was up 6% at EUR57.58.
The French major said Iraq's state-owned Basrah Oil Co. will
take a 30% stake in the so-called gas-growth integrated project.
QatarEnergy was invited to take a 25% stake, while TotalEnergies
will hold a 45% interest.
The deal was first outlined in 2021.
It is expected that the project will involve an investment of
$10 billion from the partners.
TotalEnergies is also set to develop a 1-gigawatt solar power
plant to supply the Basrah regional grid.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
April 05, 2023 03:42 ET (07:42 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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