New investment as Shannon profits take off

first_imgNewsNew investment as Shannon profits take offBy Bernie English – April 16, 2015 977 Advertisement WhatsApp Print RELATED ARTICLESMORE FROM AUTHOR Facebook TAGSBunrattyFree ZoneNeil PakeyShannon aiportShannon Heritage Limerick Charity getting sweet treats from Shannon Heritage Previous articleOpinion – Us versus them, againNext articleDigital jobs on the way for Limerick Bernie Englishhttp://www.limerickpost.ieBernie English has been working as a journalist in national and local media for more than thirty years. She worked as a staff journalist with the Irish Press and Evening Press before moving to Clare. She has worked as a freelance for all of the national newspaper titles and a staff journalist in Limerick, helping to launch the Limerick edition of The Evening Echo. Bernie was involved in the launch of The Clare People where she was responsible for business and industry news. Shannon Group chief executive Neil Pakeyby Bernie English [email protected] at Shannon airport have taken off again, with the returns for last year showing a rise in profits for the airport as well as its subsidiary property and tourism firms.Sign up for the weekly Limerick Post newsletter Sign Up And Shannon Group chief executive Neil Pakey is predicting even more growth in passenger numbers in the coming year, although the increase will be in single figures as opposed to last years 17 per cent increase.In 2014, the airport saw 1.639 million passengers through its doors, largely boosted by the new routes launched in the Ryanair comeback.“Overall, we are going to be looking at growth this year. It is not going to be the same level as last year and it is going to be single-digit growth,” said Mr Pakey.And after delivering the good news about the profits increase, the chief executive said the board was planning an investment programme for the airport where some of the facilities and product are “getting old and tired”. Mr Pakey said the investment would extend to the property portfolio which covers the Shannon Free Zone and Shannon Heritage whose visitor attractions include King John’s Castle and the Bunratty folk park and castle.He confirmed that some of the buildings in the property portfolio need a severe investment injection as the necessary finance had been lacking in recent years.“It is self-evident that some of the buildings are in a state of dilapidation and we want to rectify that”.He also confirmed that a firm of consultants have now finished a review of the Shannon Heritage tourism product. Twitter Email Shannon Group statement on the Aer Lingus decision to close its Shannon Airport base King John’s Castle Limerick reopens with new medieval themed outdoor games Linkedin Shannon Group seeking funding for Bunratty Castle & Folk Park and King John’s Castle €2.6 million approved for Shannon Heritage Shannon Group announces two new appointments to its Executive Management Teamlast_img read more

Sempra Energy takes FID for Energia Costa Azul LNG project in Mexico

first_img Energía Costa Azul regasification terminal in Baja California, Mexico. (Credit: Sempra LNG) Sempra Energy’s subsidiary ECA Liquefaction (ECA) LNG has taken a final investment decision (FID) for the Energia Costa Azul (ECA) liquefied natural gas (LNG) export facility in Mexico.ECA LNG is a joint venture (JV) between Sempra LNG and Infraestructura Energética Nova (IEnova).The decision was taken for the development, construction and operation of the first phase of the ECA LNG project in Baja California, Mexico.Planned to be developed in two phases, the project involves conversion of existing regasification terminal in Baja California into a gas liquefaction and export facility.Sempra Energy said that the Phase 1 natural gas liquefaction-export project, which is expected to improve the trade balances of the US and Mexico, is claimed to be the only LNG export project in the world to reach FID in this year.IEnova CEO Tania Ortiz Mena said: “As one of the largest private investments in the history of Baja California, ECA LNG’s liquefaction-export project is expected to help support the Mexican economy through investment, tax revenue and jobs.“The project is also expected to positively impact the local community through social investment programs as well as help position Mexico as a key player in the global trade of natural gas.”Sempra LNG and IEnova to build the LNG export projectTo be built and operated by Sempra LNG and IEnova as a single-train liquefaction facility, the phase one will have a nameplate capacity of 3.25 million tonnes per annum (Mtpa) of LNG and an initial offtake capacity of nearly 2.5 Mtpa of LNG.The ECA LNG Phase 1 is estimated to cost nearly $2bn and Sempra expects to finance the project using a combination of equity contributions and debt.Slated to produce first LNG in late 2024, the ECA LNG Phase 1 is estimated to create over 10,000 direct and indirect jobs during the construction phase.Furthermore, TechnipFMC has also been given a notice to proceed for the engineering, procurement, and construction (EPC) contract for the ECA LNG project.In May, Sempra Energy and its partners started production from the first liquefaction train of the $10bn phase 1 of the Cameron LNG project in Louisiana. Construction of the first phase of LNG export project is estimated to cost nearly $2bnlast_img read more