Excelerate Energy to Build Iraq's First Floating LNG Terminal by Late 2025

Excelerate Energy's new terminal will be Iraq's first floating LNG import facility, helping meet the country's growing energy needs.

, and Administrator

2025 October 30 . 7:06 AM

1 min read

In this image there is a ship floating on the water beside that there is a bridge and so many... — In this image there is a ship floating on the water beside that there is a bridge and so many buildings.

Excelerate Energy to Build Iraq's First Floating LNG Terminal by Late 2025

Excelerate Energy, a US-based company, has signed a deal with an Iraqi subsidiary to develop the country's first floating LNG import terminal at the Port of Khor Al Zubair. The project, expected to be completed and operational by late 2025, involves a significant investment of approximately $450 million.

The project will utilise Hull 3407, Excelerate's newest floating storage and regasification unit (FSRU). This FSRU is designed to accommodate a guaranteed regasification capacity of 500 MMscf/day. The deal includes a five-year agreement for regasification services and LNG supply, with extension options, and a minimum contracted offtake of 250 MMscf/day.

Commercial operations are expected to commence in 2026, subject to final permitting and construction timelines, and other closing conditions.

The completion of this project will mark a significant milestone for Iraq, as it will be the country's first floating LNG import terminal. The facility is expected to play a crucial role in meeting Iraq's growing energy demands.