Iraq is moving forward with its floating gas platform project at Khor al-Zubair after Prime Minister Ali al-Zaidi met with the CEO of U.S.-based Excelerate Energy during his visit to Washington.
The project is designed to help Iraq secure additional natural gas supplies for electricity generation and reduce pressure on the country’s energy sector.
Back in October, Iraq’s Ministry of Electricity signed an agreement with Excelerate Energy for a Floating Storage and Regasification Unit (FSRU). The facility will have the capacity to process up to 15 million cubic meters of natural gas per day. Under the renewable five-year agreement, the gas will be used to supply power plants across the country and help meet growing energy demand.
The project is also part of Iraq’s broader strategy to diversify its gas sources and strengthen energy security, especially during periods of high electricity consumption.
According to earlier information released by Excelerate Energy, the total investment in the project is estimated at around $450 million, including the cost of the floating storage and regasification unit itself.
Once operational, the Khor al-Zubair facility is expected to play an important role in supporting Iraq’s power grid and improving the reliability of electricity supplies nationwide.
