A view of West Qurna oilfield is seen in Basra, southeast of Baghdad. TotalEnergies will also invest $2bn to build a processing plant for gas produced in the West Qurna 2, Majnoon, Artawi, Tuba and Luhais fields in the south. Courtesy: Lukoil
A view of West Qurna oilfield is seen in Basra, southeast of Baghdad. TotalEnergies will also invest $2bn to build a processing plant for gas produced in the West Qurna 2, Majnoon, Artawi, Tuba and Luhais fields in the south. Courtesy: Lukoil
A view of West Qurna oilfield is seen in Basra, southeast of Baghdad. TotalEnergies will also invest $2bn to build a processing plant for gas produced in the West Qurna 2, Majnoon, Artawi, Tuba and Luhais fields in the south. Courtesy: Lukoil
A view of West Qurna oilfield is seen in Basra, southeast of Baghdad. TotalEnergies will also invest $2bn to build a processing plant for gas produced in the West Qurna 2, Majnoon, Artawi, Tuba and Lu

Iraq signs $27bn worth of energy projects with France's TotalEnergies


Jennifer Gnana
  • English
  • Arabic

Iraq signed an agreement with French energy major TotalEnergies for four oil and gas projects worth $27 billion, the country's oil minister said on Sunday.

TotalEnergies will make an initial investment of $10bn in the country, with engineering investment on projects to start "immediately", according to the company's chairman and chief executive Patrick Pouyanne.

The France-based company will invest in projects to recover gas being flared across three oil fields in Iraq and use the gas to generate power from a plant with 1.5 Gigawatts capacity in the first phase. The move will help the country plug its power deficit and use its energy reserves more efficiently.

Iraq plans to eliminate gas-flaring by 2022. The World Bank estimates about 16 billion cubic metres of gas from Iraqi fields were flared in 2015, costing the economy billions in lost revenue.

TotalEnergies also plans to expand the power capacity of the plant to 3 Gigawatts in the second phase.

The French company will also undertake work in a project injecting seawater into oil fields to enhance crude recovery.

"Our ambition is to assist Iraq in building a more sustainable future by developing access to electricity for its people through a more sustainable use of the country’s natural resources such as reduction of gas flaring that generates air pollution and greenhouse gas emissions, water resource management and development of solar energy,” Mr Pouyanne said.

The company is also participating in Iraq's nascent renewables development and will build a solar power plant, with an estimated capacity of 1 Gigawatt that will supply electricity to the Basra grid.

TotalEnergies will also undertake a project to raise crude production capacity from Iraq's Artawi field to 210,000 barrels per day from the current 85,000 bpd.

The company will also invest in a gas complex adjacent to the oil field, that will capture flared gas.

The latest investment follows a dry spell for the Iraqi energy sector, which witnessed exits by a number of international oil companies.

Last month, Iraq's Cabinet approved plans submitted by BP to spin off the development of the Rumaila oilfield, the country's largest.

BP's exit comes as the oil company and its industry peers face a challenging operating environment in Iraq.

In July, oil minister Ihsan Ismael told parliament that BP and Russia's Lukoil were looking to withdraw from the country.

"The investment environment currently in Iraq is unsuitable for retaining major investors. All the big investors are either looking for another market or another partner. This is a remark that we as an investment environment are unsuitable for major partners," he said.

Shell, BP, Exxon Mobil, Lukoil and Italy's Eni are among foreign companies working in the south of Iraq.

The planned developments in Iraq demonstrate how the region with the lowest-cost hydrocarbon production can "gain access to large-scale renewable projects", said Mr Pouyanne.

On Thursday, Iraq's deputy minister Ali Allawi and Fatih Birol, the executive director of the International Energy Agency, appealed to the international community for support to help Iraq navigate energy transition.

"An energy transition that fails to engage with fossil fuel-producing countries and their needs could have profound implications for regional and international security and the stability of global energy markets," they said in an opinion column published by The Guardian.

Iraq, Opec's second-largest oil producer, is one of the least diversified exporters in the Middle East. The country, which is estimated to have 8.4 per cent of the world's proven reserves of oil, derives close to 90 per cent of government revenue from the sale of crude. Baghdad suffers from the vagaries of the oil markets, which affect its ability to finance several infrastructure and utility projects in the country.


Dr Afridi's warning signs of digital addiction

Spending an excessive amount of time on the phone.

Neglecting personal, social, or academic responsibilities.

Losing interest in other activities or hobbies that were once enjoyed.

Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.

Experiencing sleep disturbances or changes in sleep patterns.

What are the guidelines?

Under 18 months: Avoid screen time altogether, except for video chatting with family.

Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.

Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.

Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.

Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.

Source: American Paediatric Association
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MIDWAY

Produced: Lionsgate Films, Shanghai Ryui Entertainment, Street Light Entertainment
Directed: Roland Emmerich
Cast: Ed Skrein, Woody Harrelson, Dennis Quaid, Aaron Eckhart, Luke Evans, Nick Jonas, Mandy Moore, Darren Criss
Rating: 3.5/5 stars

Volvo ES90 Specs

Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)

Power: 333hp, 449hp, 680hp

Torque: 480Nm, 670Nm, 870Nm

On sale: Later in 2025 or early 2026, depending on region

Price: Exact regional pricing TBA

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Our legal consultants

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

'Joker'

Directed by: Todd Phillips

Starring: Joaquin Phoenix

Rating: Five out of five stars

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Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

How to watch Ireland v Pakistan in UAE

When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.

Six large-scale objects on show
  • Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
  • The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
  • A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
  • Frank Lloyd Wright’s 1930s Kaufmann Office
  • A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
  • Torrijos Palace dome
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The specs

Engine: 3.0-litre flat-six twin-turbocharged

Transmission: eight-speed PDK automatic

Power: 445bhp

Torque: 530Nm

Price: Dh474,600

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Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

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BMW M5 specs

Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor

Power: 727hp

Torque: 1,000Nm

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Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

At a glance

- 20,000 new jobs for Emiratis over three years

- Dh300 million set aside to train 18,000 jobseekers in new skills

- Managerial jobs in government restricted to Emiratis

- Emiratis to get priority for 160 types of job in private sector

- Portion of VAT revenues will fund more graduate programmes

- 8,000 Emirati graduates to do 6-12 month replacements in public or private sector on a Dh10,000 monthly wage - 40 per cent of which will be paid by government

Five famous companies founded by teens

There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:

  1. Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate. 
  2. Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc. 
  3. Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway. 
  4. Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
  5. Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
EA Sports FC 26

Publisher: EA Sports

Consoles: PC, PlayStation 4/5, Xbox Series X/S

Rating: 3/5

Afcon 2019

SEMI-FINALS

Senegal v Tunisia, 8pm

Algeria v Nigeria, 11pm

Matches are live on BeIN Sports

Updated: September 06, 2021, 2:34 PM