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Baghdad has agreed to increase the volume of heavy fuel oil supplied under an existing deal by 50% to 1.5 million metric tonnes this year, Lebanon's energy minister Walid Fayad said.
![TotalEnergies has signed a deal with Iraq to fix its dilapidated electricity grid [Getty]](/sites/default/files/styles/large_16_9/public/2023-04/GettyImages-1243698965.jpg?h=199d8c1f&itok=4Ap13dgM)
TotalEnergies has announced that it reached a long-delayed $10 billion agreement with Iraq to improve its rundown electricity grid.
The agreement, signed in Baghdad in the presence of Prime Minister Mohamed Shia Al-Sudani and Kurdish premier Masrour Barzani, was to be implemented 'today', a Kurdish regional government official said.
The decision to stop shipments of 450,000 barrels per day of crude relates to a case from 2014, when Baghdad claimed Turkey violated a joint agreement by allowing the Kurdistan Regional Government to export oil through a pipeline to Ceyhan port.
The proposed deal, which Iraq hopes will revive foreign investment in the country, was signed in 2021 for TotalEnergies to build four oil, gas and renewables projects with an initial investment of $10 billion in southern Iraq over 25 years.
Germany's chancellor said Friday that his country was in talks with Iraq for possibly importing natural gas as it seeks to find alternatives to Russian gas.
Oil production accounts for some 90 percent of Baghdad's income, and the country is the second-largest producer within the Organization of the Petroleum Exporting Countries.
Iraq, which belongs to OPEC, will have discussions with other members to reconsider and increase its production quota, Prime Minister Mohammed Shia Al-Sudani said.
China and India have requested that Iraq increases its quantities of crude oil exports to Asia
Iraq, the second-largest producer in the Organization of the Petroleum Exporting Countries, sits on enormous oil reserves, and revenues from the sector feed 90 percent of the federal government budget.