American natural gas firm NextDecade has signed a Memorandum of Understanding (MOU) with the Port of Cork to develop a new Floating Storage and Regasification Unit (FSRU) and associated LNG import terminal infrastructure in Ireland
Under the terms of the MOU, the potential development at the Port of Cork would receive LNG from NextDecade’s planned Rio Grande LNG project in South Texas.
The development would provide competitively priced energy solutions to Ireland and its regional partners under long-term contracts. If constructed, the project would substantially increase and diversify Ireland’s supply of natural gas.
NextDecade and the Port of Cork are planning a joint public event at the Port of Cork on August 2, 2017, to highlight the MOU and its potential benefits for Ireland and its regional partners.
Its CEO Kathleen Eisbrenner will meet with port officials and discuss the opportunity with local industry and political leaders.
The agreement commits the parties to undertake exclusive negotiations to develop the LNG import project.
In December 2016, NextDecade announced it had signed a Heads of Agreement with FSRU provider Flex LNG for the joint development of a full value chain infrastructure solution utilising FSRU and dockside regasification import technology.
Flex LNG will be supporting NextDecade to provide a fully integrated regas import solution for the proposed LNG terminal at the Port of Cork, while NextDecade is in discussions with European energy companies to enter into long-term purchase contracts for delivery of LNG at the Port of Cork.
Additionally, NextDecade will manage shipping from its proposed RGLNG export facility at the Port of Brownsville in South Texas to the Port of Cork.
A key seaport in the south of Ireland, the Port of Cork is a sheltered, natural deep-water harbour capable of handling large liquids and cargo ships of all sizes.