Port Meridian Deepwater Port Awaits 2016 Final Investment Decision
Posted on: 04/12/2015

The proposed Port Meridian deepwater project will consist of a floating storage, subsea pipeline, and onshore facilities that will connect the national grid at Barrow-in-Furness, Cumbria. Located offshore in Morecambe Bay, the project has received all major approvals, and will receive the final investment decision to construct the port and pipeline infrastructure by mid-2016.

The subsea pipeline, which will supply natural gas to onshore facilities, will be available to residential, commercial, industrial and electrical generation customers throughout the UK. The Port Meridian deepwater port project was acquired by Meridian LNG in October 2012 from Höegh LNG for $20m (roughly £1.32m). Meridian was advised by West Face Capital on the deal. Meridian LNG and E.ON Global Commodities entered a 20-year gas sale agreement in April 2015, for the sale of full nameplate capacity at Port Meridian.

Regasified natural gas from the port will be supplied to the UK National Transmission System for sale to E.ON Global Commodities exclusively. It is estimated that the first gas flow will commence in 2018.

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