Private energy group LCC acquires oil terminal in multi million pound deal

Cookstown-based energy firm LCC Group has purchased Cloghan Point Oil Terminal from AES Power in a multimillion pound deal, which could lead to energy cost savings for businesses and consumers.
By The Newsroom
Published 21st Mar 2017, 06:00 BST
Updated 24th Mar 2017, 10:46 BST
Michael and Daniel Loughran, directors of LCC Group pictured at the Cloghan Point oil terminalMichael and Daniel Loughran, directors of LCC Group pictured at the Cloghan Point oil terminal
Michael and Daniel Loughran, directors of LCC Group pictured at the Cloghan Point oil terminal

The LCC Group is an independent family owned company established in 1980 which provides a range of services spanning various energy sectors.

Initially set up to provide domestic coal to homes in Northern Ireland, the business now supplies coal, oil, electricity, natural gas and logistical freight services to homes across the UK and industry all over the world.

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LCC, which owns the Go chain of petrol stations, is the fastest growing electricity and natural gas supplier in Ireland and is one of Europe’s largest coal importers and processors.

Cloghan Point Oil Terminal is located on Belfast Lough near Carrickfergus and was opened in the 1980s by Northern Ireland Electricity to supply Kilroot and Ballylumford Power Stations, the facility was later refurbished by AES in 2011.

The facility has a 1,225 m jetty into which LCC plans to invest £15m to create the only commercial terminal on the island of Ireland able to facilitate the docking of 120,000 tonne tankers - up to five times the tonnage of ships presently able to dock.

Daniel Loughran, director at LCC Group, said the scheme would open up opportunities to break bulk in order to supply businesses and consumers across the island of Ireland and west coast of the UK.

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“This is an exciting acquisition for LCC Group as we add to our growing portfolio of energy infrastructure assets.

“We were attracted to Cloghan Point because of its sheer scale in both storage capacity and, with a 17 metre draft of water, we will soon be able to bring in larger tankers from around the world, including the US, the Middle East and South America.

This hasn’t been possible to date, so the local market has been limited in where it can source oil.

“Traditionally, tankers supplying this part of the world come from UK refineries, ARA and the Nordics and we have been restricted in the volume transported at any one time as a result of shallow water restrictions.”

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“Being able to dock vessels of this size will bring significant benefits to consumers and industry in the long run, as the increase in supply logistics and efficiencies should lead to a reduction in price that can be passed on to the end user.”

LCC is currently working with Taggart Design and project design engineers to develop plans for the improved infrastructure of the terminal.

Related topics:LCCNorthern Ireland