Shares in TotalEnergies SE surged on Wednesday on news that the French major and the Iraqi government are moving ahead with an investment plan to boost electricity production in the country.
At 0717 GMT, the stock was up 6% at EUR57.58.
The French major said Iraq’s state-owned Basrah Oil Co. will take a 30% stake in the so-called gas-growth integrated project. QatarEnergy was invited to take a 25% stake, while TotalEnergies will hold a 45% interest.
The deal was first outlined in 2021.
It is expected that the project will involve an investment of $10 billion from the partners.
TotalEnergies is also set to develop a 1-gigawatt solar power plant to supply the Basrah regional grid.