Excelerate Energy to build Iraq’s first floating LNG terminal

KHOR AL ZUBAIR, October 28, 2025 – Excelerate Energy has signed a definitive agreement with Iraq’s Ministry of Electricity to develop the country’s first floating LNG import terminal at the Port of Khor Al Zubair, the company said on Tuesday.

The five-year agreement includes regasification services, LNG supply and terminal construction, with a minimum offtake of 7.08 mcm (250 mcf) per day and a guaranteed capacity of 14.2 mcm (500 mcf) per day.

Excelerate will deploy its newest floating storage and regasification unit, Hull 3407, currently under construction in South Korea and scheduled for delivery in 2026.

The project is valued at approximately USD 450 million and is expected to begin commercial operations in 2026, pending permitting and construction timelines.

“This landmark agreement demonstrates Excelerate’s strong commitment to Iraq’s energy future and regional stability,” Excelerate Energy president and CEO Steven Kobos said.

Excelerate Energy is a US-based LNG company headquartered in The Woodlands, Texas. It provides integrated LNG-to-power solutions including floating LNG terminals, infrastructure development, LNG supply and power generation across global markets.

In the Middle East, this project marks Excelerate’s first fully integrated LNG terminal combining supply and infrastructure, expanding its regional footprint and strengthening Iraq’s energy security.

Photo courtesy of Excelerate Energy

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