Iraq moves toward easing its energy crisis with $27B TotalEnergies deal, but challenges remain

By KAREEM CHEHAYEB and ABDULRAHMAN ZEYAD
Associated Press

BAGHDAD (AP) — A multibillion-dollar agreement signed with France’s TotalEnergies could help resolve Iraq’s longstanding electricity crisis. It might also attract international investors and reduce Iraq’s reliance on gas imports from neighboring Iran. But that’s only if the parties implementing the agreement can overcome the corruption and political instability that has undermined Iraq’s oil sector for more than two decades. The $27 billion agreement signed in Baghdad on Monday after years of negotiation is the largest foreign investment in Iraq’s history. Iraq, an OPEC member with some of the world’s largest oil reserves, nevertheless endures widespread power outages, especially in the scorching summer.