BAGHDAD, Oct. 28 (Xinhua) -- Iraq signed a key contract with U.S. company Excelerate Energy on Tuesday for a floating storage and regasification unit (FSRU) to bolster the country's energy security and power generation capacity.
Iraqi Prime Minister Mohammed Shia' al-Sudani emphasized the government's commitment to achieving gas self-sufficiency by 2028 during a meeting with U.S. Deputy Secretary of Energy James Patrick Danly before the signing ceremony, according to a statement from al-Sudani's media office.
The floating platform offers a flexible, cost-effective alternative to fixed infrastructure, read the statement.
Al-Sudani noted in the meeting that Iraq has already achieved self-sufficiency in the production of high-octane gasoline, while highlighting full gas independence as a key target.
According to the statement, the five-year renewable contract will provide an FSRU with a capacity of 15 million cubic meters per day to supply natural gas to power plants and stabilize electricity production.
