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Minister Donohoe Welcomes €38M Investment by Shannon Foynes Port Company

Investment will propel key economic driver of Mid-West region.

The Minister for Transport, Tourism and Sport, Paschal Donohoe TD, has welcomed the investment of €38m announced today by the Shannon Foynes Port Company (SFPC), Ireland’s largest bulk port company. SFPC currently helps to facilitate international trade valued at over €6 billion yearly through the six port facilities on the Shannon Estuary. The port is in the process of advancing significant strategic projects that will ensure the company fulfils its mandate as one the key economic drivers of the Mid-West region.

The first major project announced today is the infilling of the East Jetty in Foynes; a 12 month project employing up to 150 people during construction. The commencement of the redevelopment of the east jetty involves the reclamation of 13,500ms of foreshore and the demolition of the existing jetty. The new jetty will provide increased operational area of activity and lead to improved bulk discharge times. The redevelopment will also allow the use of larger cranes that can handle more varied cargo. It is estimated that a total of €12 million will be spent by SFPC on this project in 2015.

Further investment of €22m was announced today by a private investor, CPL, in the construction of a new smokeless fuel depot. This plant is planning to meet the expected increase in future demand for smokeless fuels. In addition, a further €4 million will be invested by a private operator, Argosea, in the construction of a 1,400sqm warehouse for the storage of animal feeds. This will position the port to take advantage of the expected increased demand for animal feed, post the ending of the milk quota regime in March of this year.

Minister Donohoe said: ‘These announcements are the first phase of a significant investment programme which seeks to double SFPC trade in the next three decades in line with its ambitious Masterplan, Vision 2041.The port is seeking to maximise the enormous potential of the Shannon Estuary and anticipates that the number of people employed in port activities will increase by 25% over the period of Vision 2041, with the economic benefits extending towards a much larger economic system. The long-term job creation figures, of up to 2,000 jobs, are based on anticipated expansion in existing heavy industries as well as planned projects such as the Shannon LNG terminal. I am delighted to see investment of this scale, knowing the impact it will have on the Mid-West region generally’.

 

ENDS

Source: http://www.dttas.ie/press-releases/2015/minister-donohoe-welcomes-%E2%82%AC38m-investment-shannon-foynes-port-company

Published: 16th February 2015