Iraq signed a $450 million investment agreement with US-based Excelerate Energy to establish its first floating storage and regasification unit (FSRU) at the port of Khor al-Zubair, according to the Iraqi prime minister's office. The facility will receive, store, and regasify liquefied natural gas (LNG) to supply Iraq's power grid, marking a key step in diversifying the country's energy sources. Excelerate said the project includes its newest FSRU, under construction in South Korea, with a regasification capacity of 500 million standard cubic feet per day. The five-year deal, which can be extended, covers both LNG supply and regasification services with a minimum contracted offtake of 250 million cubic feet per day. The agreement comes as Baghdad seeks to attract more US investment and reduce its reliance on Iranian gas amid repeated supply disruptions caused by sanctions and payment issues. Attribution: Reuters Subediting: Y.Yasser
