A cash backer has been found for a major gas storage depot in Pembrokeshire which would create hundreds of jobs.
The gas depot is one of two planned for Milford Haven
The UK oil and gas producer, BG Group plc, formerly part of British Gas, has signed up as an equal partner in the project to build the £250m plant at Milford Haven.
Dutch firm Petroplus has already won planning permission to create the depot for liquefied natural gas, or LNG, at Milford Haven.
The industrial project is one of two which are set to put west Wales at the forefront of the UK's switch to a new supply of gas once North Sea reserves run out.
LNG is gas which has been super-cooled into liquid form so that it can be carried by tanker rather than by pipeline.
The BG Group's involvement means Petroplus can go ahead with its plans to upgrade its current storage depot on a site in Milford Haven to allow tankers carrying LNG to berth and unload their cargo ready for pumping across Britain.
The scheme, given final approval by county planners in the spring, promises to create up to 700 construction jobs over three years and up to 30 permanent posts.
Britain is expected to become a net gas importer around 2005 and this has triggered a flurry of pipeline and LNG import schemes.
Oil giant Exxon Mobil is to build a similar LNG plant on the old Esso refinery site nearby.
It says the project, granted planning permission last month, will create 700 construction jobs and a further 50 permanent posts. The firm has signed a deal to import LNG from Qatar.
But the development in the Petroplus project has been welcomed as "a significant step forward" by Paul van Poecke, the firm's chief executive officer.
"We are looking forward to working closely with our new partner, whose experience and leading role in the global LNG market will help us to develop further the work we have done over the past two years at our Milford Haven site."
Councillor Brian Hall, Pembrokeshire Council's Cabinet member for Highways, Transportation and Environment, said the two LNG projects promised to make Milford Haven the third busiest port in the UK after London and Liverpool.
"We couldn't have had better news at a better time, we must have a Father Christmas somewhere," he said.