By John Lee.
US-based Excelerate Energy has reported its financial results for the first quarter ended 31st March, 2026.
Regarding its operations in Iraq, the company said:
"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.
"Jetty reinforcement and construction of the fixed terminal infrastructure have been delayed temporarily due to the conflict in the Middle East and the terminal is no longer expected to commence operations in the third quarter of 2026 as previously disclosed. Project startup is now expected in 2027.
"The long-term fundamentals supporting the project remain unchanged, driven by chronic power shortages and limited domestic gas processing capacity in Iraq. Current conditions further reinforce the country's need for reliable and scalable LNG import infrastructure and construction will resume as conditions allow."
Steven Kobos, President and CEO of Excelerate Energy, added:
"We are revising our full-year guidance to reflect the delayed startup of our Iraq terminal due to the ongoing conflict in the Middle East, mitigated in part by the expected interim deployment of the Excelerate Acadia [a new floating storage and regasification unit (FRSU), pictured] to Jordan. The Iraq project fundamentals remain unchanged."
(Source: Excelerate Energy)
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