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US Gas Company Signs Deal with Port of Cork

21st July 2017
An agreement between Texan oil company NextDecade works well as the Port of Cork is capable of handling large liquid natural gas (LNG) ships. An agreement between Texan oil company NextDecade works well as the Port of Cork is capable of handling large liquid natural gas (LNG) ships. Photo: iStock

#portofcork - A US liquefied natural gas (LNG) company NextDecade based in Texas reports The Irish Times, is eyeing up a LNG import terminal at the Port of Cork.

The company announced it had signed a memorandum of understanding with the Port of Cork to “advance a joint development opportunity in Ireland for a new floating storage and regasification unit and associated LNG-import terminal infrastructure”.

Under the terms of the memorandum the potential development at the Port of Cork would receive LNG from the Texan company’s planned Rio Grande LNG project in south Texas. The Rio Grande valley is one of a number of areas where preliminary work on US president Donald Trump’s border wall is taking place.

“The development would provide competitively-priced energy solutions to Ireland and its regional partners under long-term contracts,” the company said in a statement. “If constructed, the project would substantially increase and diversify Ireland’s supply of natural gas.”

Ireland’s gas supply has come under scrutiny in the aftermath of the Brexit vote, with commentators referring to the geographical disadvantages of the country.

The Oxford Institute for Energy Studies reported in March of this year that Ireland could be placed in a difficult situation if the UK no longer has to abide by the EU security of supply regulation when it leaves the EU.

The newspaper has more on the story here.

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