Excelerate Energy signed a deal for an LNG import terminal in Iraq at the Port of Khor Al Zubair. The project includes regasification services, LNG supply, and a minimum of 250 million standard cubic feet per day of offtake. The total investment is estimated at around $450m.

The agreement with Iraq’s Ministry of Electricity involves a five-year contract with options for extension, guaranteeing a minimum of 250mscf/d of offtake and a regasification capacity of 500mscf/d. Excelerate will deploy its FSRU Hull 3407 to the site, with operations expected to begin in 2026.

The floating LNG import terminal in Iraq, developed by Excelerate Energy, aims to reduce dependency on imported pipeline gas and facilitate access to global LNG markets. This project marks a significant advancement for Iraq’s energy future and regional stability.

Excelerate Energy president and CEO Steven Kobos emphasized the company’s commitment to Iraq’s energy future and regional stability through the landmark agreement. The project is expected to strengthen Iraq’s long-term energy security and diversify its fuel mix.

Read more at Yahoo Finance: Excelerate Energy to develop Iraq’s first LNG import terminal