1. Excelerate Energy awarded contract to develop LNG terminal in Iraq. 2. Project enhances Iraq's energy security and diversifies gas sources. 3. U.S. officials emphasize strategic importance of U.S. LNG initiatives. 4. Award is a preliminary step, pending project contract negotiations. 5. Excelerate strengthens collaboration with Iraqi government for infrastructure.
The contract signals growth potential and market confidence for Excelerate, similar to past LNG deals that boosted stock prices.
Strategic project in Iraq can significantly boost Excelerate's revenue and market positioning, influencing investor sentiment positively.
Project completion will take time, influencing EE's performance over several years, similar to other infrastructure projects.
Excelerate Energy, Inc. (the "Company" or "Excelerate") (NYSE:EE) today announced that it has received an official Award Letter from the Government of Iraq to develop an integrated floating liquefied natural gas (LNG) import terminal, marking a significant milestone in the country's energy diversification strategy.
Following approval in Baghdad from Iraq's Prime Minister Mohammed Shia' al-Sudani, Iraq's Deputy Prime Minister and Foreign Minister Fuad Hussein congratulated Excelerate President and CEO Steven Kobos in a September 25 meeting on the margins of the 80th United Nations General Assembly in New York City. The U.S. Department of State's Thomas Lersten, Senior Official to the Office of the Under Secretary for Economic Growth, Energy, and the Environment, attended the meeting and underscored the strategic importance of U.S. LNG to the administration's energy dominance agenda.
Development of the integrated floating import terminal, which will be led by Excelerate in coordination with the Iraqi government, represents a landmark opportunity to enhance Iraq's energy security and infrastructure. The proposed terminal will enable the importation of LNG to support domestic power generation, help stabilize the national grid, and allow Iraq to diversify from unreliable natural gas supply sources.
"This award is a testament to the strategic partnership between Excelerate Energy and the Government of Iraq," said Steven Kobos, President and CEO of Excelerate Energy. "We are honored to be selected for this critical infrastructure project and look forward to working closely with Iraqi leadership to bring it to fruition. I thank Prime Minister Eng. Sudani, Deputy Prime Minister for International Affairs Dr. Hussein, Deputy Prime Minister for Energy Affairs Mr. Al-Sawad, and the Council of Ministers for the trust they have placed in Excelerate to develop this LNG terminal."
Senior Official Thomas Lersten of the U.S. Department of State commented: "This terminal opportunity demonstrates U.S. energy leadership and represents a vital step in advancing Iraq's energy security and reducing its reliance on Iranian pipeline gas. The United States is proud to advocate for our companies, and Excelerate Energy's involvement will bring U.S. private sector innovation to Iraq and contribute to regional stability while supporting American jobs."
The Award Letter is a preliminary step, and development of the terminal remains subject to the successful negotiation and execution of binding commercial agreements. Excelerate is actively engaged with Iraqi authorities to finalize the necessary contracts and ensure timely implementation of this critical energy infrastructure.
ABOUT EXCELERATE ENERGY
Excelerate Energy, Inc. is a U.S.-based LNG company located in The Woodlands, Texas. Excelerate is changing the way the world accesses cleaner forms of energy by providing integrated services along the LNG-to-power value chain with an objective of delivering rapid-to-market and reliable LNG solutions to customers. The Company offers a full range of flexible regasification services from floating LNG terminals to infrastructure development to LNG supply and power generation. Excelerate has a presence in Abu Dhabi, Antwerp, Boston, Buenos Aires, Chattogram, Dhaka, Doha, Dubai, Hanoi, Helsinki, Jamaica, London, Rio de Janeiro, Singapore, and Washington, DC. For more information, please visit www.excelerateenergy.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20251001881460/en/
Investors
Craig Hicks
Excelerate Energy
Craig.Hicks@excelerateenergy.com
Media
Stephen Pettibone / Frances Jeter
FGS Global
Excelerate@fgsglobal.com
or
media@excelerateenergy.com