NextDecade, a liqueified natural gas firm based in Texas, has signed a Memorandum of Understanding (MOU) with the Port of Cork for a new Floating Storage and Regasification Unit (FSRU) and associated LNG import terminal infrastructure in Ireland.

The two firms are planning a joint public event at the Port of Cork on 02 August to highlight the MOU and its potential benefits for Ireland and its regional partners.

NextDecade Chief Executive Officer (CEO) Kathleen Eisbrenner and Flex LNG CEO Jonathan Cook will meet with port officials and discuss the opportunity with local industry and political leaders.

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Under the terms of the MOU, the potential development at the Port of Cork would receive LNG from NextDecade's planned Rio Grande LNG (RGLNG) project in South Texas.

The development would provide competitively priced energy solutions to Ireland and its regional partners under long-term contracts. If built, the project would substantially increase and diversify Ireland's supply of natural gas.

The MOU commits the parties to undertake exclusive negotiations to develop the LNG import project. A key seaport in the south of Ireland, the Port of Cork is a sheltered, natural deepwater harbor capable of handling large liquids and cargo ships of all sizes.

(CD/LM)