Widespread welcome as new backers come on board Shannon LNG project
September 2, 2018
THE proposal to develop a liquid natural gas plant along the Shannon estuary took a giant leap forward this week when US-based New Fortress Energy struck a deal with the Irish company behind the scheme.
The agreement between New Fortress Energy and Shannon LNG has been welcomed by the Taoiseach, Leo Varadkar and by Energy Minister, Denis Naughten, and opens the way to develop the €500m project and its promise of jobs at the 260 acre site between Tarbert and Ballylongford.
Developing the Shannon LNG project is expected to create up to 400 jobs during construction and 100 jobs when operational.
“We are excited to take the Shannon LNG project forward and invest in Ireland’s low-carbon economy,” said Wes Edens, New Fortress Energy founder and chairman
“This project is critical for Ireland’s energy security and will benefit the environment and the economy,” he added.
“The development will provide a significant boost to the Shannon region and provide a foundation for further investment in the region,” the Taoiseach said.
Fine Gael MEP Sean Kelly, who has taken a particular interest in the project over several years, believes it will ensure greater energy security for Ireland, particularly post-Brexit.
Mr Kelly campaigned for the project to be included as a European Project of Common Interest which means it could attract funding from the Ireland Strategic Investment Fund and the European Investment Bank.
“I am delighted that the project has a serious backer that will hopefully quickly bring it to fruition. This is a project that makes a lot of sense for Ireland, and for the EU. It is now considered a key element of the EU’s Energy Security Strategy,” Mr Kelly said. “An LNG terminal on the west coast of Ireland fits in well with the current EU policy of changing electricity generation to gas-fired plants from the present coal and peat-burning plants.”