Texas-based NextDecade has signed a Memorandum of Understanding (MoU) with the Port of Cork to advance a joint business development opportunity in Ireland for a new Floating Storage and Regasification Unit (FSRU) and associated LNG import terminal infrastructure.
Under the proposed deal the Port of Cork could receive gas from its planned Rio Grande LNG export facility in southern Texas.
Under the terms of the MoU the two entities will undertake exclusive negotiations to develop the LNG import project. In early August the NextDecade CEO Kathleen Eisbrenner and Flex LNG CEO Jonathan Cook will meet with port officials and discuss the opportunity with local industry and political leaders.
In a statement the U.S. firm said that the Port of Cork is a natural deepwater harbour capable of handling large liquids and cargo ships of all sizes.
"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 said in a statement.
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.