Port Dolphin officials estimate its project will generate more than $150m in direct economic impact within Manatee county during the next 20 years. Construction of the project is expected to begin in 2012 with completion in 2013.
Larry Bustle, chairman of Manatee County Port Authority, said: “With the addition of Port Dolphin to our growing family of energy-related companies, Port Manatee exhibits its leadership as an incubator for local jobs and regional economic growth. This agreement reinforces the port’s financial strength with a new, recurring revenue stream.”
During the first five years of the agreement, Port Manatee will receive more than $16m in cash and assets, followed by about $15m per year over the remainder of the agreement. The port authority’s approval precedes a pending decision by the US Maritime Administration to issue a deepwater port license to Port Dolphin to construct a liquefied natural gas (LNG) port 28 miles off the coast of Manatee county, Florida.
With maritime administration deepwater port license, LNG tankers would arrive at Port Dolphin’s offshore facility and then connect to a new undersea pipeline system that would come onshore at Port Manatee. Port Dolphin’s vessels will be outfitted to re-gasify its cargo of LNG, returning it to a gaseous state onboard the offshore ships. The natural gas would then be fed into a submerged pipeline, ultimately serving customers throughout Florida.
German Castro, vice president of Port Dolphin, said: “This occasion marks another important milestone in Port Dolphin’s quest to provide solutions for Florida’s growing energy demands. We look forward to becoming an important part of Manatee County’s business community. In addition to its offshore port facility and pipeline, Port Dolphin will also base an operations center at Port Manatee.”
