Excelerate Energy 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.
"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," said Steven Kobos, President and CEO of Excelerate Energy.
The single agreement encompasses both terminal development and LNG supply in response to growing global demand for regasification infrastructure, added Kobos.
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 standard cubic feet (7.08 million cubic metres) (MMscf/d) per day.
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 its newest floating storage and regasification unit (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.
