Mid-West could lose out on €1bn gas terminal in Shannon estuary if LNG not sold

The Mid-West 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 and power plant planned for the shores of the Shannon estuary.

A subsidiary of the US-based oil giant, the Hess Corporation, Shannon LNG Ltd has to date spent €63m on the planned €600m liquefied gas terminal to be built at a 287-acre site at Ballylongford, Co Kerry, while a €400m combined heat and power plant was also planned in tandem with the LNG proposal.

However, the Hess Corporation said it is looking to pull out of the project, stating it is in talks with the management of its Irish subsidiary, Shannon LNG, “with the objective of facilitating a sale of the company”.