NextDecade signs MOU with Port of Cork to develop FSRU and LNG import terminal
NextDecade has signed a memorandum of understanding (MOU) with Port of Cork to develop a new floating storage and regasification unit (FSRU) and associated LNG import terminal infrastructure in Ireland.
As per the MOU, the potential development at the port will receive LNG from NextDecade’s Rio Grande LNG (RGLNG) project in South Texas.
This move will provide energy solutions to Ireland besides its regional partners under long-term contracts.
This project, if constructed, will increase the supply of natural gas in Ireland.
The MOU also enables the parties to undertake exclusive talks to develop the LNG import project.
The Port of Cork is a natural deep water harbour that can handle large liquids and cargo ships.
NextDecade’s planned RGLNG project is located close to associated and stranded gas resources in the Permian Basin and Eagle Ford Shale.
According to NextDecade, the Port of Cork facility could support imports of up to three million tonnes per annum from RGLNG.
Last December, NextDecade signed a heads of agreement with FSRU provider FLEX LNG to jointly develop a value chain infrastructure solution by making use of FSRU and dockside regasification import technology.
FLEX LNG will provide a fully integrated regas import solution for the proposed LNG terminal at the Port of Cork.
NextDecade is also holding talks with European energy companies on long-term purchase contracts of LNG from the Port of Cork terminal.
The firm will also manage shipping from its RGLNG export facility at the Port of Brownsville in Texas to the Port of Cork.