It's claimed the development of a project in Co. Kerry would allow for the conversion of Moneypoint to a gas-powered plant.
The Shannon LNG project and its connecting gas pipeline will be considered a key part of the EU's energy strategy following an announcment by the European Commission.
The gas supply terminal is expected to bring signififcant benefits to the region with 650 jobs created during a four-year construction phase and fifty permanent jobs afterwards.
Ireland South MEP Sean Kelly says the project would secure Moneypoint's future beyond 2025 when its due to be decommissioned
