Iraq is moving closer to launching its first liquefied natural gas (LNG) import terminal as it advances negotiations with US-based Excelerate Energy, officials have said.

Shafaq news agency quoted officials as saying the state-run South Gas Company is overseeing the project, which centers on establishing a floating storage and regasification unit (FSRU) at the Khor Al-Zubair port in Basra.

The proposed facility would enable the country to receive, store, and convert LNG into natural gas for use in its power sector, the report said.

Excelerate Energy, which develops and operates floating LNG terminals and infrastructure, is one of the top bidders for the project, and discussions are reportedly in an advanced phase.
Source: Zawya Projects (Writing by Nadim Kawach; Editing by Anoop Menon)