{"id":53112,"date":"2025-09-14T19:08:35","date_gmt":"2025-09-14T23:08:35","guid":{"rendered":"https:\/\/stockmarketwatch.com\/stock-market-news\/sainsburys-halts-argos-sale-to-jd-com-while-iraq-forges-major-energy-deals-with-totalenergies-and-qatarenergy\/53112\/"},"modified":"2025-09-14T19:08:35","modified_gmt":"2025-09-14T23:08:35","slug":"sainsburys-halts-argos-sale-to-jd-com-while-iraq-forges-major-energy-deals-with-totalenergies-and-qatarenergy","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/sainsburys-halts-argos-sale-to-jd-com-while-iraq-forges-major-energy-deals-with-totalenergies-and-qatarenergy\/53112\/","title":{"rendered":"Sainsbury&#8217;s Halts Argos Sale to JD.com While Iraq Forges Major Energy Deals with TotalEnergies and QatarEnergy"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>UK supermarket giant Sainsbury&#39;s (<a href=\"\/stock\/SBRY\">SBRY<\/a>) has terminated discussions to sell its Argos general merchandise business to Chinese e-commerce firm JD.com (<a href=\"\/stock\/JD\">JD<\/a>)<\/strong>, citing revised terms that were not aligned with the interests of its shareholders and stakeholders.<\/li>\n<li><strong>Iraq&#39;s oil ministry has inked a significant joint operation agreement with France&#39;s TotalEnergies (<a href=\"\/stock\/TTE\">TTE<\/a>) and QatarEnergy LNG<\/strong>, focusing on the development of the <strong>Artawi oilfield<\/strong> and the broader <strong>Gas Growth Integrated Project (GGIP)<\/strong>.<\/li>\n<li>The comprehensive Iraqi energy initiative aims to <strong>substantially improve the nation&#39;s electricity supply<\/strong>, reduce its import bill by recovering flared gas, and includes major infrastructure projects such as the <strong>Common Seawater Supply Project (CSSP)<\/strong>.<\/li>\n<li>Sainsbury&#39;s, which acquired Argos for <strong>\u00a31.1 billion<\/strong> in 2016, reiterated its commitment to enhancing Argos&#39;s performance and maintained its retail underlying operating profit forecast of approximately <strong>\u00a31 billion<\/strong> for the 2025-2026 financial year.<\/li>\n<\/ul>\n<p>British retail conglomerate <strong>Sainsbury&#39;s (<a href=\"\/stock\/SBRY\">SBRY<\/a>)<\/strong> announced on Sunday the cessation of talks with Chinese e-commerce behemoth <strong>JD.com (<a href=\"\/stock\/JD\">JD<\/a>)<\/strong> regarding the potential sale of its general merchandise arm, <strong>Argos<\/strong>. The supermarket group stated that JD.com&#39;s proposed revised terms and commitments were &quot;not in the best interests of Sainsbury&#39;s shareholders, colleagues and broader stakeholders,&quot; leading to the termination of discussions.<\/p>\n<p>Sainsbury&#39;s, which acquired Argos in <strong>2016 for \u00a31.1 billion<\/strong> ($1.49 billion), confirmed its commitment to driving improvements within the retailer. The company also reiterated its forecast for retail underlying operating profit of approximately <strong>\u00a31 billion<\/strong> ($1.36 billion) for the 2025\u20132026 financial year. Argos stands as Britain&#39;s second-largest general merchandise retailer, boasting the third most-visited retail website in the country and over 1,100 collection points. <em>This decision underscores Sainsbury&#39;s strategic shift to focus on its core food business, a direction emphasized since Simon Roberts became CEO in 2020.<\/em><\/p>\n<p>In a separate significant development for the global energy sector, <strong>Iraq&#39;s oil ministry<\/strong> signed a joint operation agreement with <strong>France&#39;s TotalEnergies (<a href=\"\/stock\/TTE\">TTE<\/a>)<\/strong> and <strong>QatarEnergy LNG<\/strong> on Sunday. The deal encompasses the operation of the <strong>Artawi oilfield<\/strong> as a crucial component of the <strong>Gas Growth Integrated Project (GGIP)<\/strong>. The GGIP, a collaborative initiative involving QatarEnergy, TotalEnergies, and Iraq&#39;s Basra Oil Company, is designed to enhance Iraq&#39;s electricity supply by capturing and utilizing flared gas from three oilfields to power plants, thereby reducing the nation&#39;s reliance on energy imports. The project also incorporates renewable energy initiatives.<\/p>\n<p>The agreement was formalized during a meeting between Iraqi Prime Minister Mohammed Shia al-Sudani, QatarEnergy CEO Saad al-Kaabi, and TotalEnergies CEO Patrick Pouyanne. This landmark deal also marks the commencement of the second phase of the Artawi oil field development and the <strong>Common Seawater Supply Project (CSSP)<\/strong>. The CSSP is projected to process and transport <strong>5 million barrels of seawater per day<\/strong> to the main oilfields in southern Iraq, vital for maintaining pressure and enhancing oil recovery.<\/p>\n<p>Further expanding its footprint in Iraq, <strong>TotalEnergies (<a href=\"\/stock\/TTE\">TTE<\/a>)<\/strong> also secured separate agreements. These include a deal with Turkey&#39;s <strong>ENKA construction company<\/strong> to establish a central oil and gas processing facility with a daily production capacity of <strong>210,000 barrels of oil and 163 million standard cubic feet of gas<\/strong>. Additionally, TotalEnergies partnered with China&#39;s <strong>Petroleum Engineering &amp; Construction Corp<\/strong> for a gas processing plant in southern Iraq, capable of processing <strong>600 million standard cubic feet per day<\/strong>. The French energy major also reached an agreement with South Korea&#39;s <strong>Hyundai Engineering and Construction<\/strong> to construct a seawater treatment plant with a design capacity of <strong>7.5 million barrels per day<\/strong>. <em>These multi-faceted agreements highlight a significant foreign investment push into Iraq&#39;s energy infrastructure, aiming to modernize and expand its production and processing capabilities.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways UK supermarket giant Sainsbury&#39;s (SBRY) has terminated discussions to sell its Argos general merchandise business to Chinese e-commerce 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