Steven Kobos, CEO of Excelerate Energy, met Prime Minister Ali al-Zaidi this week to discuss the company’s contract to build Iraq’s first LNG import terminal at Khor al-Zubair port. MEES is told that the new government has approved an initial payment of $48mn to the Texas-based LNG specialist, with funds expected to be processed soon.
The project was delayed due to the previous government’s failure to make payments during the financial crisis caused by the closure of the Strait of Hormuz (MEES, 15 May). The payment delays and security risks led Excelerate to instead lease the Arcadia FSRU vessel to Jordan on a temporary basis (MEES, 8 May). (CONTINUED - 222 WORDS)