A deepwater liquefied natural gas port off the coast of Manatee County, Florida, US, is to be built following approval by the Manatee County Port Authority.

The Port Authority approved a $30m agreement with Port Dolphin Energy to construct the port and will receive nearly $16m in cash and assets, followed by about $15m a year over the remainder of the agreement, the authority said.

Port Dolphin said it expects the project to generate about $150m during the next 20 years.

Construction of the project is expected to begin in 2012 with completion in 2013.

LNG tankers will arrive at Port Dolphin’s offshore facility and then connect to a new undersea pipeline system that would come onshore at Port Manatee.