The Iraqi government has reached an agreement with TotalEnergies over the company’s long-delayed project in the country, as officials push to entice Western foreign investors back to Iraq after years of stagnation.

The French energy major said in a release today that Iraq’s state-owned Basrah Oil Company has agreed to lower its share to from 40% in the gas-growth integrated project to 30%. TotalEnergies will take a 45% stake, while QatarEnergy will own the remaining 25%.

The deal, which was originally signed in September 2021, was for TotalEnergies to build four oil, gas and renewables projects over 25 years through an initial investment of $10bn. TotalEnergies said it will develop a one-gigawatt solar project with Saudi Arabia’s ACWA Power to supply the electricity grid in Basra, southern Iraq.

In February, Hong Kong-based United Energy Group said it will build a central processing facility in Basra as part of plans to double its oil and gas production at its flagship Faiha field.

Japan plans $113bn of hydrogen investment by 2040

The government of Japanese prime minister Fumio Kishida is aiming to generate Y15tn ($113bn) of hydrogen investment from both the private and public sector over the next 15 years.

Mr Kishida said in a ministerial meeting on April 4 that he planned to revise the country’s hydrogen plan, first mapped out in 2017, and aims to accelerate the development of supply chains, according to a report by Nikkei Asia.

The investment is hoped to help Japan increase its supply of hydrogen six-fold from the current level to around 12 million tons by 2040. Japan aims to use hydrogen as a major source of energy to help reach its target of net-zero greenhouse gas emissions by 2050.

ABB pledges $170m to US

Swedish–Swiss electricity and automation company ABB will accelerate its US growth through an investment of $170m into its manufacturing, innovation and distribution operations, as it makes use of incentives to produce its electrification products locally.

According to a release on April 4, ABB’s plans include a $100m drives and services manufacturing facility in New Berlin, Wisconsin and the opening of a $3m installation products research and development centre in Memphis, Tennessee. 

“The Inflation Reduction Act is triggering investment in clean energy and supporting businesses that can produce technology locally,” said Michael Gray, ABB’s country holding officer in the US.

The electrification specialist had previously announced a $40m investment in a new underground cable accessory factory in New Mexico, as well as expansions in Michigan, Pennsylvania and South Carolina. The US is ABB’s largest market, accounting for 24% of its annual revenues.

And finally, AD Ports Group has raised a multi-currency syndicated loan with a value of around $2bn to help its strategic growth plans. In March 2023, the UAE-based group signed an agreement with the Egyptian government to develop and operate a multi-purpose port in Safaga, as well as expansions at several other ports in Egypt.