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Friends of the Earth calls for review of financial dealings of US company behind Shannon LNG

Dec 18, 2024 17:18 By radiokerrynews
Friends of the Earth calls for review of financial dealings of US company behind Shannon LNG
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Friends of the Earth says there should be a review of the financial dealings of the US company behind the proposed LNG terminal on the Tarbert Ballylongford landbank.

The environmental group is opposed to liquefied natural gas and rejects claims that it is a safer and cleaner alternative to traditional fossil fuels.

New Fortress Energy, which is behind the application for the LNG terminal in North Kerry, made a submission for the period ending September 30th this year, to the US Securities and Exchange Commission.

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In that submission to the US regulatory body, New Fortress Energy said there were factors that could cause actual results to differ materially from their estimates including adequately addressing substantial doubt as to the company’s ability to continue as a going concern including refinancing to extend its debt maturities.

New Fortress Energy told the US Securities and Exchange Commission that there are multiple risks that could preclude the development of the Shannon LNG project and that the results of these risks could have a material effect on the results of its operations.

Radio Kerry has contacted New Fortress Energy for a comment.

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A source supportive of the LNG project said New Fortress Energy has completely restructured all its debt and that the company now has €3 billion in finance in place.

However, Friends of the Earth says relevant public authorities responsible for considering Shannon LNG’s development plans and permits should undertake a review of the company’s financial dealings.

It also pointed to observations from the Institute for Energy Economics and Financial Analysis which reported class action lawsuits being taken against the company, which was described as having a dismal track record of financial losses.

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Jerry Mac Evilly of Friends of the Earth said this provides further grounds for the new Government to reject Shannon LNG and liquefied natural gas more widely.

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