BAGHDAD: Iraq has signed a $450 million investment deal with Excelerate Energy for the US company to build the Gulf country’s first floating storage regasification unit, as Baghdad seeks to attract more US investment to its energy sector.
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 Iraqi prime minister’s office announced the deal in a statement on Tuesday, without providing details.
FIVE-YEAR AGREEMENT
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.
