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Corrib gas field owner clocks up €700m tax-free dividends

Irish Independent

Nephin Energy paid Canadian parent €261.1m last year

THE buyer of Shell’s stake in the Corrib gas field has paid €700m in tax-free dividends to its Canadian parent in the three years since the acquisition. Accounts filed by Nephin Energy Holdings Ltd (NE HL) show the Irish firm paid its parent company, Canada Pension Plan Investment Board (CPPIB), a dividend of €261.1m in 2019 and has already paid a further €56.5m dividend in February this year. That is on top of a €382.4m dividend paid In 2018.

CPPIB set up Nephin to market Corrib gas after buying Shell’s 45pc stake in the project in 2018 a deal worth around €900m, depending on the performance of the gas field which is Ireland’s most important fossil fuel asset.
Corrib produces around 40pc of Ireland's gas needs with the rest having to be imported via the UK.

The original development by Shell and Statoil was mired in controversy and planning delays.

Posted Date: 
22 October 2020