NextDecade has entered into a memorandum of understanding (MoU) with the Port of Cork Company to develop a floating storage and regasification unit (FSRU) and associated liquefied natural gas (LNG) import terminal infrastructure in Ireland.
The Port of Cork is one of the only two Irish ports, which fulfills the requirements of all six shipping modes such as lift-on lift-off, roll-on roll-off, liquid bulk, dry bulk, break bulk and cruise.
As per terms of the deal, NextDecade will distribute LNG from its planned Rio Grande LNG (RGLNG) project in South Texas to the proposed development at the Port of Cork.
The project will help to offer competitively priced energy solutions to Ireland and its regional partners under long-term contracts, in addition to diversifying the region’s supply of natural gas.
The MoU allows the partnership to undertake exclusive negotiations to develop the LNG import project at the Port of Cork, which is a sheltered and natural deepwater harbor that can handle large liquids and cargo ships of all sizes.
NextDecade’s RGLNG project is near to the associated and stranded gas resources in the Permian Basin and Eagle Ford Shale.
In December 2016, NextDecade signed a deal with FSRU provider Flex LNG to jointly develop a full value chain infrastructure solution by using FSRU and dockside regasification import technology.
Flex LNG will support NextDecade to offer a fully integrated regas import solution for the proposed LNG terminal at the Port of Cork.
In addition, NextDecade will handle shipping from its proposed RGLNG export facility at the Port of Brownsville in South Texas to the Port of Cork.