TotalEnergies SE Secures $27 Billion Energy Deal with Iraq, Paving the Way for Transformation of Iraq’s Energy Secto

TotalEnergies SE ADR Stock Forecast:

According to the forecast of five analysts, the average target price for TotalEnergies SE ADR stock over the next 12 months is USD 69.63. The analysts’ average rating for the stock is “Buy.” However, Stock Target Advisor‘s own analysis suggests a slightly bearish outlook, based on 5 positive signals and 10 negative signals.

Currently, the stock price of TotalEnergies SE ADR is USD 56.14 at the last closing. Over the past week, the stock price has decreased by -2.60%, and over the past month, it has decreased by -4.98%. However, looking back over the last year, the stock price has increased by +11.99%.

TotalEnergies SE News:

TotalEnergies SE, one of the world’s leading energy companies, has finally sealed a long-awaited $27 billion energy deal with Iraq. The agreement, signed by TotalEnergies Chairman and CEO Patrick Pouyanne and Iraqi oil minister Hayan Abdel-Ghani, marks a significant milestone for both parties and has the potential to transform Iraq’s energy landscape.

The deal comprises four ambitious projects encompassing oil, gas, and renewables, aimed at increasing Iraq’s oil production capacity and meeting its growing energy demands. Pouyanne expressed his excitement, calling it a “historic day” during the signing ceremony held in Baghdad. He emphasized that the project would commence this summer and involve an investment of $10 billion over the next four years.

“This is the starting day, and we’ll deliver the projects in the next four years for the benefit of everybody in Iraq,” Pouyanne affirmed, highlighting the long-term commitment of TotalEnergies to the development and prosperity of the Iraqi energy sector.

The agreement between TotalEnergies and Iraq comes after years of negotiations and delays, making it a momentous achievement for both parties. Iraq, with its vast oil reserves, has long been seeking strategic partnerships to enhance its oil production capabilities and diversify its energy portfolio. For TotalEnergies, this deal presents a significant opportunity to expand its footprint in the Middle East, a region of vital importance for the global energy market.

 

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