A US-based company NextDecade has signed a memorandum of understanding (MOU) with the Port of Cork to develop a liquid natural gas (LNG) import terminal at the port. The new terminal developed will enable Port of Cork receive LNG shipped from NextDecade’s planned Rio Grande LNG project in South Texas.
According to NextDecade, the partnership will help provide energy solutions to Ireland and its regional partners at lower prices. It will also advance a joint “business development opportunity in Ireland for a new floating storage and regasification unit and associated LNG import terminal infrastructure”.
Currently Ireland gets about 60 percent of its gas from the Shell Corrib field, and also relies on imported natural gas from the UK. There are however concerns now in the Ireland that there could be price volatility in the market following Brexit and closure of Rough storage site in the UK. Construction of new terminal in Cork would help alleviate those concerns.
The Port of Cork and NextDecade are now planning to organize a joint event on Aug. 2 to discuss the project.
The proposed Rio Grande LNG terminal would get natural gas from the Eagle Ford Shale and the Permian Basin of West Texas.
NextDecade is based in Woodlands, Texax, US and deals in LNG. The website of NextDecade states that NextDecade LLC is an energetic project development and management company of LNG projects, creating innovative opportunities for the global natural gas industry in a rapidly changing energy and geopolitical landscape. The company was founded in 2010 and it now has a team of industry leaders with vast experience across the full Gas/LNG value chain. The company is currently focusing on a land-based LNG export project on the U.S. Gulf Coast called Rio Grande LNG (RGLNG) in Brownsville, Texas.
You must be logged in to post a comment.