Sunday 22 October 2017

The Midwest is set to miss out on a €1bn investment - unless a new investor can be found for the stalled liquefied gas terminal and combined heat power plant.

€1bn investment needed
€1bn investment needed

Gordon Deegan

The Midwest is set to miss out on a €1bn investment - unless a new investor can be found for the stalled liquefied gas terminal and combined heat power plant.

The terminal had been planned for the shores of the Shannon estuary. A subsidiary of the US-based oil giant, the Hess Corporation, Shannon LNG, has to date spent €63m on the planned €600m liquefied gas terminal to be built at a 287-acre site at Ballylongord, Co Kerry, while a €400m Combined Heat Power Plant was also planned. However, the Hess Corporation has confirmed that it is now looking to pull out of the project by stating that it is in discussions with the management of Shannon LNG "with the objective of facilitating a sale of the company".

The intention by the Hess Corporation to end its involvement in the Ballylongford plan comes against the background of plunging global prices for liquefied natural gas.

The LNG project was to be provide 650 jobs during the four-year construction phase with 50 permanent operational jobs.

Irish Independent

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