NextDecade eyes Ireland for LNG terminal

The Woodlands-based NextDecade plans to start construction by the end of 2017 on the 1,000-acre Rio Grande LNG project in Brownsville. The first of three phases is projected to cost $6 billion. The Woodlands-based NextDecade plans to start construction by the end of 2017 on the 1,000-acre Rio Grande LNG project in Brownsville. The first of three phases is projected to cost $6 billion. Image 1 of / 3 Caption Close NextDecade eyes Ireland for LNG terminal 1 / 3 Back to Gallery

The Woodlands-based NextDecade is aiming to ship liquefied natural gas from Texas to Ireland.

NextDecade said it signed an agreement with the Port of Cork in Ireland to develop an LNG import terminal there using dockside regasification technology from Norway-based provider Flex LNG.

NextDecade is planning to build a major LNG export terminal near Brownsville called the Rio Grande LNG project. The goal is to ship LNG sourced from Texas shale gas to Ireland. However, the Rio Grande project has faced community opposition and some tax breaks have been rejected. That hasn't stopped NextDecade from trying to move forward.

As such, NextDecade and the Port of Cork are planning a public event on Aug. 2 in Ireland to highlight the potential benefits of the project.

NextDecade also is developing an LNG export terminal closer to Houston by Texas City, but those plans aren't as far along as the Brownsville project near the Mexican border.

At the same time, NextDecade is on the verge of going public on the Nasdaq stock exchange through a merger with a publicly traded blank check company.

NextDecade is merging with the Harmony Merger Corp. that was taken public two years ago as a so-called blank check firm. The goal of such special purpose acquisition companies is merging with private businesses that want easier access to public markets and financing.

The all-stock deal that they're calling a $1 billion transaction will leave Delaware-based Harmony investors with a 13.4 percent stake in the combined company, while NextDecade's shareholders will control the rest. Private equity firms York Capital Management, Valinor Management and Halcyon Capital Management currently control a majority of NextDecade.