LNG ACTIVITY BOOSTS PORT’S ANNUAL ACCOUNTS

Milford Haven Port Authority has once more demonstrated the value it provides to the development of the Welsh economy, with the publication of its Annual Report & Accounts and Business Review 2006.

The Authority has reported pre-tax profits of £179,000 strengthening the position of the previous year. Much of this can be attributed to increased activity associated with the construction of two LNG terminals.

Chief Executive Ted Sangster said: “In an extremely busy year, 2006 saw a balance between managing our current activities and planning for the future. Our immediate commercial success runs hand in hand with putting in place a spring-board for increasing port activity in support of existing customers and the coming LNG operations for the benefit of all our stakeholders.”

Against a backdrop of increased commercial traffic, the Authority also reported an active involvement in several planned developments. Working in partnership with agencies such as Pembrokeshire County Council and the Welsh Assembly Government, the Authority is playing a significant role in supporting the economic regeneration of the region, through projects such as the Martello Quays development and the planned outer Marine Facility at Milford Docks.

Agreement has also been reached on the purchase of the RMAS base from the MOD in Pembroke Dock once they move from the site. The Authority is also supporting Agri-Energy in its proposed use of another former MOD site at Blackbridge for a bio-fuel and electricity generating plant.

Mr Sangster said: “Our involvement in development projects such as these is a graphic illustration of the way in which we, as a Trust Port are able - indeed required - to take a long-term view and seek to encourage or directly undertake developments that enable continuing support for existing waterway users, as well as provide opportunities for profitable expansion and introduction of new business in the future.”

One aspect of the Government’s recent review of its ports policy is a recognition of the role that Trust Ports such as Milford Haven can play in the economic development of their hinterlands.

“The policy acknowledges that because such ports do not have shareholders to whom a dividend is paid, a greater prominence is therefore given to a wider range of stakeholders who can expect to benefit from the success of a Trust Port,” said Mr Sangster.

“Milford Haven Port Authority already supports this concept avidly, as the many examples given in the report amply illustrate. This includes over £200,000 having been given to support community and voluntary groups across Pembrokeshire during 2006.”

Preseli Pembrokeshire MP Stephen Crabb supports the Authority’s approach to the way in which it provides benefits to its stakeholders.

“This report illustrates how, through a programme of continued development and ongoing investment, the Authority is providing significant opportunities that are benefiting local businesses and communities – a true stakeholder dividend,” he said.

“Indeed, as the Authority leads Pembrokeshire into a new energy era with the arrival of LNG, it is for us all to recognise how critically valuable the Haven is not only to Pembrokeshire, but also to the UK’s energy requirements.”

With the first LNG shipment due later this year, the groundwork, preparation and planning of the previous five years was recognised when, against global completion, the Port Authority was this year awarded the prestigious accolade of Port Operator of the Year by Lloyd’s of London.

“This independent industry acknowledgement bears testament to the high regard for the way in which the Authority undertakes its responsibilities to the largest port in Wales and the fifth largest in the UK,” said Mr Sangster.

“The 2006 Annual Accounts and Report reaffirms the importance of this status, strengthening the Authority’s vision of becoming the most highly regarded port in the UK.”

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