Excelerate Energy, Inc. has executed a definitive commercial agreement with a subsidiary of Iraq’s Ministry of Electricity for the development of the country’s first LNG import terminal at the Port of Khor Al Zubair.
The agreement was signed at the Office of the Prime Minister in a ceremony attended by Excelerate’s President and CEO, Steven Kobos, U.S. Deputy Secretary of Energy, James Danly, Chargé d’Affaires of the U.S. Embassy in Baghdad, Joshua Harris, Iraq’s Prime Minister, Mohammed Shia' al-Sudani, and Minister of Electricity, Ziyad Ali Fadhil.
“The landmark agreement we reached today with the Ministry of Electricity demonstrates Excelerate’s strong commitment to Iraq’s energy future and regional stability,” said Steven Kobos, President and CEO of Excelerate Energy. “By combining terminal development, LNG supply, and operational expertise, we are helping Iraq secure reliable energy, diversify its fuel mix, and strengthen its long-term energy security.”
“Strategically, this project extends the reach of Excelerate’s global infrastructure platform deeper into the Middle East and represents our first fully integrated floating LNG import terminal with supply in the region,” Kobos added. “By executing a single agreement that encompasses both terminal development and LNG supply, we are responding to the growing global demand for regasification infrastructure and reinforcing Excelerate’s position as a leading provider of integrated LNG solutions.”
The integrated project includes a five-year agreement for regasification services and LNG supply with extension options, and a minimum contracted offtake of 250 million ft3/d. Under the agreement, Excelerate will construct the floating LNG import terminal, which is designed to accommodate a guaranteed 500 million ft3/d of regasification capacity. The company will deploy Hull 3407, its newest FSRU, 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 US$450 million, 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.