Iraq expects TotalEnergies to start operations in a long-delayed oil, gas, and renewable energy project at $27 billion, in the second half of 2023, Sky News Arabia reported.

Completed in 2021, the project was delayed amid disagreements between Iraqi politicians over the terms of the agreement.

The Undersecretary of the Ministry of Oil for Extraction Affairs, Bassem Khudair, explained that the project is waiting for the finalization of side contracts with the state oil company.

The project is awaiting the completion of side agreements with the state oil corporation, according to the Undersecretary of the Ministry of Oil for Extraction Affairs, Bassem Khudair.

Khudair continued saying that the contract’s activation requirements are being finalised by TotalEnergies and Basra Oil Company (BOC).

Baghdad hopes that the agreement would bring back foreign investment to the nation, which is now experiencing some calm after years of tension and conflict.