Iraq’s volatile and highly uncertain political environment is holding up finalization of the $27bn megadeal with TotalEnergies that was signed in September (MEES, 10 September 2021). An informed source tells MEES that the French giant is “slow walking” the process as it awaits the formation of a new government following October’s elections (MEES, 15 October 2021).
Keen to dispel doubts over its flagship agreement, the Ministry of Oil reacted swiftly on 14 February to deny a Reuters report that “the deal has been mired in disputes” over financial terms. The ministry states that while it is “keen to execute” the contracts, they include “intricate and intertwined obligations and articles” that require “time to achieve.” But if anything, this reinforces the precariousness of the deal. It is highly complex, and negotiations over its implementation might not survive the change in government. (CONTINUED - 1198 WORDS)
