Excelerate Energy Signs Definitive Agreement for Fully Integrated Floating LNG Import Terminal in Iraq
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Positive)
Tags
THE WOODLANDS, Texas--(BUSINESS WIRE)--
Excelerate Energy, Inc. (the “Company” or “Excelerate”) (NYSE: EE) today announced that it 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 (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 standard cubic feet per day (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 (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 $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.
Hull 3407: A Strategic Fit
Excelerate’s newest FSRU, Hull 3407, is currently under construction by HD Hyundai Heavy Industries in South Korea and is on track for delivery in 2026. The vessel is designed with a storage capacity of 170,000 cubic meters and a regasification capacity of up to 1 billion standard cubic feet per day (1,000 MMscf/d). In addition to its high send-out capability, Hull 3407 features best-in-class boil-off gas management, ensuring operational efficiency and reliability. Hull 3407's advanced design and flexible deployment capabilities make it ideally suited to meet Iraq’s large-scale and urgent energy needs.
Strengthening Iraq’s Energy Security
The floating LNG import terminal marks a historic milestone for Iraq, enabling the country to access global LNG markets for the first time. By diversifying its fuel supply, Iraq is expected to reduce reliance on imported pipeline gas, enhance energy security, and support its rapidly growing electricity demand.
The project has been developed in close collaboration with the Iraqi government and enjoys strong support from both Iraqi and U.S. government stakeholders. It represents not only a commercial partnership but also a strategic step toward enhancing Iraq’s long-term energy security.
ABOUT EXCELERATE ENERGY
Excelerate Energy, Inc. is a U.S.-based LNG company located in The Woodlands, Texas. Excelerate is changing the way the world accesses cleaner forms of energy by providing integrated services along the LNG-to-power value chain with an objective of delivering rapid-to-market and reliable LNG solutions to customers. The Company offers a full range of flexible regasification services from floating LNG terminals to infrastructure development to LNG supply and power generation. Excelerate has a presence in Abu Dhabi, Antwerp, Boston, Buenos Aires, Chattogram, Dhaka, Doha, Dubai, Hanoi, Helsinki, Jamaica, Karachi, London, Rio de Janeiro, Singapore, Washington, D.C., and Wilhelmshaven. For more information, please visit www.excelerateenergy.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release, including, without limitation, statements regarding Excelerate’s business strategy and plans, including the expected development of a floating LNG terminal in, and associated supply of LNG to, Iraq, are forward-looking statements. All forward-looking statements are based on assumptions or judgments about future events and economic conditions that may or may not be correct or necessarily take place and that are by their nature subject to significant risks, uncertainties and contingencies, including the risk factors that Excelerate identifies in its Securities and Exchange Commission filings, many of which are outside the control of Excelerate. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. Excelerate undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.
An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, to receive support.
