Red Sea Wind Energy has signed a $680 million agreement with banks and international financing organisations for establishing a wind farm in Egypt's Gulf of Suez, the Egyptian cabinet said in a statement on Wednesday.
Baghdad has reached an agreement to hold a 30% stake in TotalEnergies long-delayed $27 billion Iraq project, three sources told Reuters on Tuesday, reviving a deal that Baghdad hopes could lure back foreign investment into the battered country which craves stability.
Oil prices last month fell towards $70 a barrel on concern that the global banking crisis would hit demand. Still, further action by OPEC+ to support the market was not expected as crude recovered toward $80.
Iraq's oil output and capacity may peak following growth of around 25% over the next five years, falling short of 2027 targets and ending a long-standing ambition to rival the output of Saudi Arabia.