Excelerate Energy to develop first LNG terminal in Iraq

Excelerate Energy (EE) has executed a definitive commercial agreement with a subsidiary of Iraq’s Ministry of Electricity for the development of the country’s first liquefied natural gas, or LNG, import terminal at the Port of Khor Al Zubair. The integrated project includes a five-year agreement for regasification services and LNG supply with extension options, and a minimum contracted offtake of 250 MMscf/d. Under the agreement, Excelerate will construct the floating LNG import terminal, which is designed to accommodate a guaranteed 500 MMscf/d of regasification capacity. The company will deploy Hull 3407, its newest floating storage and regasification unit, and will be responsible for delivering the topside equipment and berth modifications to enable FSRU operations at the jetty. The total project investment is expected to be approximately $450M, inclusive of the cost of the FSRU. As part of the integrated arrangement, Excelerate will serve as the LNG supplier to the terminal. Commercial operations are expected to commence in 2026, subject to final permitting and construction timelines, and other closing conditions.