TotalEnergies has started building Iraq’s largest solar power plant in Basra as part of a $27 billion energy deal. The 1,000MW project will boost renewable energy and reduce gas flaring.
France’s TotalEnergies has begun constructing Iraq’s largest solar power plant in Basra as part of a $27 billion energy deal signed in 2023, according to Arabian Gulf Business Insight.
The 1,000MW plant will feature two million solar panels and is intended to diversify Iraq’s energy supply. With 50% owned by TotalEnergies and the remaining stake held by QatarEnergy, the project is part of a broader agreement covering oil and gas development, solar power, and seawater desalination.
TotalEnergies has also committed to tackling Iraq’s gas flaring issue, which has contributed to energy shortages. Initial phases of the solar and gas projects are set for completion between 2025 and 2027.
In late 2024, officials confirmed that TotalEnergies would invest heavily in the Ratawi oilfield, aiming to boost production from 80,000-90,000 barrels per day (bpd) to around 210,000 bpd. With proven reserves of nearly 10 billion barrels, Ratawi’s light crude is in high demand globally.
Meanwhile, British oil giant BP recently finalised a deal with Iraq to redevelop four oil and gas fields in Kirkuk, with an investment of up to $25 billion.
Iraq aims to generate 12GW of clean energy by 2030 and has awarded contracts to companies including Abu Dhabi’s Taqa and Saudi Arabia’s Acwa Power for seven solar plants with a total capacity of 7.5GW.
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Israel and Iran continued to exchange strikes on Friday (13 March), as the U.S. and French militaries reported deaths in Iraq, and the U.N. launched a $325 million appeal to help Lebanon, where a seventh of the population have left their homes since fighting began.
Israeli Prime Minister Benjamin Netanyahu issued veiled threats to Iran’s new Supreme Leader, Mojtaba Khamenei, and Hezbollah on Thursday (12 March), during his first press conference since the conflict with Iran began.
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A widening conflict involving Iran, the United States and Israel has triggered escalating military strikes across the Middle East, disrupted shipping through the strategic Strait of Hormuz and raised concerns over global energy supplies. This live report tracks the latest developments.
Ayman Ghazali, a 41-year-old U.S. citizen born in Lebanon, crashed his truck into the hallway of a Detroit-area synagogue on Thursday (12 March) while children attended preschool. Security personnel shot him dead during the confrontation, and authorities said no one else was seriously injured.
The prevailing security situation in the region has done little to deter entrepreneurs from the Commonwealth of Independent States (CIS) who continue to view Dubai as a premier and safe location for business.
China has raised the retail prices of petrol and diesel after global oil prices climbed sharply. The country’s top economic planning body, the National Development and Reform Commission (NDRC), announced the move after reviewing international oil market trends.
Global financial markets remained on edge on Friday as the escalating war involving the United States, Israel and Iran continued to rattle investors, fuelling volatility in stocks and sending energy prices sharply higher.
China’s top leadership has unveiled a new push to turn advanced technologies into large-scale industrial priorities as part of the country’s upcoming 15th Five-Year Plan, which will guide economic and social development from 2026 to 2030.
The European Commission sees no immediate impact on the European Union's security of oil supply from the escalating conflict in the Middle East, it said in an email to EU governments, seen by Reuters on Monday (2 March).
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