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TotalEnergies Reportedly Plans To Invest $27 Bln In Iraq

TotalEnergies (TTA.L, TOT), formerly called as Total SA, plans to invest $27 billion in Iraq in a 25-year deal. The deal includes investments in various energy projects, including injecting seawater into oil fields to increase the amount of oil recovered, a natural-gas processing plant and a solar farm, according to several reports citing people familiar with the matter.

The French energy company has pledged an initial investment of $10 billion in the projects, the reports said.

A spokesman for the Iraqi oil ministry reportedly said that the projects would help improve the country's electricity supply.

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