Excelerate Energy said that the dredging activities and site clearance works for the development of the Iraq’s first LNG import terminal at the Port of Khor Al Zubair are in full swing.
In October 2025, Excelerate 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. 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.
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.
“ Despite the ongoing conflict in the Middle East, the Company continues to advance the project while adapting its execution plans as conditions evolve. Excelerate continues to closely monitor developments across the region, with safety and security remaining central to project planning and execution ,” the company said.
According to the latest project update, engineering and procurement activities are nearing completion.