yota691 Posted July 12, 2022 Report Share Posted July 12, 2022 An economist reveals the details... The 27 billion deal .. the French “Total” decides to withdraw from the agreement signed with Iraq 2022.07.12 - 09:47 Baghdad - people A professor of economics at the University of Basra, Nabil Al-Marsoumi, confirmed on Tuesday that the French company Total decided to withdraw from the agreement it signed with the Iraqi Oil Ministry. Al-Marsoumi said in a clarification followed by "Nass" (July 12, 2022), that "according to private information from reliable sources, the French company Total decided to withdraw at the end of this July from the initial agreement it signed with the Iraqi Oil Ministry, in September 2021, due to the delay in forming the Iraqi government. It is not possible to convert the initial agreement into a final contract between them." He added, "The previous agreement included the implementation of four projects in Basra worth $27 billion in the field of oil, gas and electric power. The first is the development of a complex and gas refining in all fields, outside the Basra Gas Agreement, which are the fields of (Artawi, West Qurna/2, Majnoon, Al-Touba, Al-Luhais). The economic expert continued, "The second project relates to the transfer and treatment of sea water with a capacity of 5 million barrels per day to maintain and increase production from oil fields, and the third project, the establishment of facilities to produce one thousand megawatts of electric power based on solar energy, and the fourth project, the development of the Artawi oil field with the aim of maximizing gas supply capabilities. He explained, "The implementation of the project was delayed due to the Oil Ministry's failure to obtain approvals for the financial details of the deal from all government departments whose approval was required, and it sank into many disputes. The agreement raised fears because the agreement was signed without procedures that guarantee competition and transparency." Al-Marsoumi continued, "The sources say that under the draft terms, Total is counting on obtaining ten billion dollars of the first investment to finance the broader project by selling oil from the Artawi oil field, which is one of the four projects in the broader agreement." He pointed out that "the Artawi field is currently producing 85,000 barrels per day, and Total seeks to increase it to the level of 210,000 barrels per day, and Total is scheduled to get 40% of the Artawi field sales to pay the amount that the company spent." The Minister of Oil, Ihsan Abdul-Jabbar Ismail, had discussed with the French company Total to expedite the implementation of the gas, energy, solar and water injection project agreement. And the ministry stated in a statement that “Nass” received a copy of it (March 8, 2022), that “the Minister of Oil confirmed the ministry’s keenness to develop the infrastructure of the oil and energy sector, and the optimal investment of gas through the implementation of investment projects by developing gas fields and gas associated with oil production operations, This came during his meeting with the President of Total (Patrick Bouyanne) on the sidelines of his participation in the Energy Conference (CERAWEEK 2022) organized by the Information and Insights Company (HIS Markit in Houston, Texas) for the period from 7-11 March. The ministry added that "the minister discussed during the meeting mechanisms for accelerating and accelerating the implementation of investment projects related to gas, oil field development, solar energy production and water injection project, stressing the importance of intensifying joint technical efforts to complete the engineering works and designs required during the current stage in order to determine the starting point for the implementation plans of projects that It was agreed to implement it with the company. The ministry also stated that "CERAWEEK 2022 conference is held annually to discuss topics related to climate, technical hygiene, energy and gas transmission projects, geology, economics, markets, energy and renewables, UPSTREAM and DOWNSTREAM projects, and it is attended by ministers and experts concerned with energy, oil and gas, and economists." 3 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted July 12, 2022 Author Report Share Posted July 12, 2022 After an agreement to invest $27 billion in energy, France's Total withdraws from Iraq energy Economy News-Baghdad Economist Nabil Al-Marsoumi revealed, on Tuesday, that the French company Total decided to withdraw from Iraq, at the end of this month. Al-Marsoumi said in a Facebook post, “Private information from reliable sources indicates that the French company Total decided to withdraw at the end of July from the initial agreement it signed with the Iraqi Oil Ministry, in September 2021, due to the delay in forming the Iraqi government and the inability to convert the initial agreement into a final contract between them. ". He pointed out that "the previous agreement included the implementation of four projects in Basra worth $27 billion in the field of oil, gas and electric power. The first is to develop a complex and refining gas in all fields, outside the Basra Gas Agreement, which are the fields of (Artawi, West Qurna/2, Majnoon, Al-Touba, Al-Luhais)." )". The second project is related to "transferring and treating sea water with a capacity of 5 million barrels per day to maintain and increase production from oil fields, the third project, the establishment of facilities to produce one thousand megawatts of electric power based on solar energy, and the fourth project, the development of the Artawi oil field with the aim of maximizing the potential of gas supply." The implementation of the project was delayed due to "the Oil Ministry's failure to obtain approvals on the financial details of the deal from all government departments whose approval is required, and it sank into many disputes." The economic expert pointed out that "the agreement raised concerns because of the signing of the agreement without procedures that guarantee competition and transparency." The sources say that "under the draft terms, Total is counting on obtaining ten billion dollars of the first investment to finance the broader project by selling oil from the Artawi oil field, which is one of the four projects in the broader agreement." The Artawi field is currently producing 85 thousand barrels per day, and Total seeks to increase it to the level of 210 thousand barrels per day, and Total is scheduled to get 40% of the sales of the Artawi field to pay the amount that the company spent. Views 988 Added 07/12/2022 - 11:26 AM Update 07/12/2022 - 4:25 PM Quote Link to comment Share on other sites More sharing options...
HowieC Posted July 12, 2022 Report Share Posted July 12, 2022 1 1 Quote Link to comment Share on other sites More sharing options...
Fairways&Greens Posted July 12, 2022 Report Share Posted July 12, 2022 Corruption and money laundering are easier than doing actual work like governing and solving problems that will set Iraq and their people up for a century of prosperity. It’s sad. They are lucky there is high demand for oil right now; otherwise they would be in deep 💩. 4 Quote Link to comment Share on other sites More sharing options...
horsesoldier Posted July 12, 2022 Report Share Posted July 12, 2022 Betrayal to ones country...Where have I seen that in another country ? I suspect these kinds of shenanigans are in every country: just some more aggressive in their crime than others. 2 Quote Link to comment Share on other sites More sharing options...
yota691 Posted July 13, 2022 Author Report Share Posted July 13, 2022 Oil Minister: We are continuing to implement a set of contracts within the joint agreement with France's Total 2022.07.12 - 23:26 Baghdad - people The Minister of Oil, Ihsan Abdul-Jabbar, confirmed, on Tuesday, the implementation of a set of contracts within the joint agreement with the French company "Total". A statement by the ministry stated, "Nass" received a copy of it, (12 July 2022), "The Minister of Oil confirmed moving forward with the implementation of the group of oil contracts concluded by the Ministry of Oil with the French Total, during his meeting with the CEO of the French Total Energy, Patrick Pouyanne in the capital. French Paris. The Minister of Oil said, according to the statement, that "this meeting came to follow up the technical and administrative progress of the four contracts within the agreement, including the follow-up to the Artawi field gas investment contract after signing the design contract for the Artawi Central Complex between the South Gas Company and KBR in cooperation with Total." Ismail pointed to "discussing the sea water transfer project for its importance in sustaining and increasing the production of oil fields in southern Iraq, as well as researching the development of the Artawi field and the mechanisms for implementing an investment project (1000) megawatts of solar energy." For his part, CEO of French Total Energy, Patrick Pouyanne, affirmed, according to the statement, "Standing with Iraq to achieve its development goals in developing the energy and oil sector," stressing that "Iraq is one of the most promising countries in attracting global investments to implement projects in this framework, and that Total It is committed to partnering with the Iraqi government, due to its keenness to deal with us in a transparent manner, and to achieve principles of mutual trust in a way that serves common interests. The statement concluded, "It is noteworthy that the Ministry of Oil has concluded with Total a set of contracts that are the largest in the history of the local oil industry in terms of the volume of investments that are monitored by the international company and the Ministry of Oil." Oil Ministry information Office 12 July 2022 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted July 13, 2022 Author Report Share Posted July 13, 2022 Oil Minister: We are continuing to implement contracts within the joint agreement with France's Total Time: 07/12/2022 23:30:20 Reading: 1,352 times {Economic: Al Furat News} Oil Minister Ihsan Abdul-Jabbar discussed, today, Tuesday, with the CEO of the French company Total Energy, Patrick Pouyanne, the investment of one thousand megawatts of solar energy in Iraq. The ministry said in a statement that it received {Euphrates News}, that “the Minister of Oil confirmed the progress in implementing the set of oil contracts concluded by the Ministry of Oil with the French Total,” noting that “this came during his meeting with the CEO of the French Total Energy, Patrick Pouyanne in The French capital, Paris. The Minister of Oil stated, according to the statement, that "this meeting came to follow up the technical and administrative progress of the four contracts within the agreement, including the follow-up of the Artawi field gas investment contract after signing the design contract for the Artawi Central Complex between the South Gas Company and KBR in cooperation with Total." He pointed out that "the study of the sea water transfer project for its importance in sustaining and increasing the production of oil fields in southern Iraq, as well as researching the development of the Artawi field and the mechanisms for implementing an investment project (1000) megawatts of solar energy." For his part, the CEO of French Total Energy, Patrick Pouyanne, affirmed: "Standing with Iraq to achieve its development goals in developing the energy and oil sector," stressing that "Iraq is one of the most promising countries in attracting global investments to implement projects in this framework, and that Total is committed to partnership." With the Iraqi government for its keenness to deal with us in a transparent manner, and to achieve the principles of mutual trust and in a way that serves the common interests. It is noteworthy that the Ministry of Oil has concluded a set of contracts with Total, which is the largest in the history of the local oil industry in terms of the volume of investments that are monitored by the international company and the Ministry of Oil. 1 Quote Link to comment Share on other sites More sharing options...
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