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The Manatee County Port Authority has approved a long-term $30 million agreement with Port Dolphin Energy LLC for it to lease 35 acres at the port and additional property for its pipeline.
Port Dolphin officials estimate its natural-gas pipeline project will generate more than $150 million in direct economic impact in Manatee County during the next 20 years. Construction of the project is expected to begin in 2012 with completion in 2013.
During the first five years of the agreement, Port Manatee will receive more than $16 million in cash and assets, followed by about $15 million over the remainder of the deal.
The U.S. Maritime Administration still must issue a deepwater port license to Port Dolphin to construct a liquefied natural gas port 28 miles off the coast of Manatee County.
Once it receives the license, tankers will arrive at Port Dolphin's offshore facility turn their cargo back into a gas and then connect to a new undersea pipeline system that moves onshore at Port Manatee.
In addition to its offshore port facility and pipeline, Port Dolphin will also base an operations center at Port Manatee.
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