Iraq has signed a $450 million investment deal with Excelerate Energy for the U.S. company to build the Gulf country''s first floating storage regasification unit, as Baghdad seeks
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Excelerate Energy, Inc. 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
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US liquefied natural gas player Excelerate Energy is to deliver a fully integrated floating LNG import terminal for Iraq, enabling the country to join the ranks of global importers.
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Iraq has signed a $450 million investment deal with Excelerate Energy for the U.S. company to build the Gulf country''s first floating storage regasification unit, as Baghdad seeks to attract more
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BAGHDAD, Oct 28 (Reuters) - Iraq has signed a $450 million investment deal with Excelerate Energy (EE.N) for the U.S. company to build the Gulf country's first floating storage regasification unit, as Baghdad seeks to attract more U.S. investment to its energy sector.
Sign up here. The Iraqi prime minister's office announced the deal in a statement on Tuesday, without providing details. Excelerate said in a separate statement that the total investment value of the project was estimated at around $450 million, including the cost of Excelerate's newest floating storage and regasification unit.
The unit, capable of receiving, storing and regasifying liquefied natural gas, will be based at the port of Khor al-Zubair, with gas piped for integration into Iraq’s power grid, two Iraqi energy officials with knowledge of the agreement said. The Reuters Power Up newsletter provides everything you need to know about the global energy industry.
Iraq is under pressure from Washington to diversify its energy sources and limit energy ties with Iran, from where gas exports to Iraq have been repeatedly disrupted due to U.S. sanctions and payment disputes. Reporting by Ahmed Rasheed, Writing by Ahmed Elimam and Ahmed Rasheed.
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