Iraq, TotalEnergies agreement is signed and sealed: The Iraqi government and French oil giant TotalEnergies officially inked the agreement on a long-delayed USD 27 bn cluster of energy projects in the country including a 1 GW solar power plant to supply the Basrah regional grid, Reuters reports. The accord had faced hurdles over its terms, but was finally closed in April when Iraq accepted taking a smaller stake than it had originally sought in the Gas Growth Integrated Project (GGIP). The agreement revives hopes of luring back foreign investments to the energy-rich country.

The details: The project will commence this summer and will see investments worth USD 10 bn over the next four years, Iraqi Oil Minister Hayan Abdel Ghani said. Per the agreement, Iraq’s state-owned Basrah Oil Company will hold a 30% stake in the GGIP — compared to the 40% initially demanded by Iraq. QatarEnergy will grab a 25% stake in the GGIP per an invitation by TotalEnergies, which will own a 45% stake.

About the GGIP: The energy projects cluster aims to boost Iraq’s natural resources to enhance electrical supply through USD bns of investments. The funds would be invested to recover flared gas on three oil fields to supply gas to power generation plants and build a seawater treatment plant to provide water injection for pressure maintenance to raise regional oil production.

---

KSA’s Electromin — a subsidiary of Petromin Corporation — will establish the country’s first ultra-fast direct current (DC) charging networks for EVs, the Saudi Gazette reports. The company already has over 100 alternating current (AC) charging chargers in the kingdom and its new addition of DC networks will enable it to cater to both B2B and B2C user segments, the new outlet notes. The number of DC chargers to be established across KSA will be dependent on EV sales and customer demand, Petromin CEO Kalyana Sivagnanam notes.

What’s the difference? DC charging stations rely on electricity generated from batteries to enable fast charging for EVs, whereas alternating current charging networks depend on power generated from the grid and can be used to charge electric vehicles in residential and office settings but are slower than DC systems.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• A senior delegation from UAE renewables firm Amea Power met with JA Solar Chairman Baofang Jin to discuss potential cooperation in MENA’s renewables sector. (Statement)
• Dubai is planning to increase the city’s EV charging stations to 1k by 2025. (Statement)
• Algeria’s state-owned oil producer Sonatrach inked an agreement with TotalEnergies to increase solar-powered desalination projects and establish a low-carbon hydrogen project for export. (Statement)
• The Dubai Electricity and Water Authority is courting investment opportunities from French renewables and green hydrogen companies. (Wam)