Across the glistening waters of Milford Haven, the bold red hull of the supertanker Tembek glides into view beside a gleaming steel and concrete jetty.

Bearing a cargo of more than 200,000 tonnes of liquefied natural gas from Qatar, the ship's arrival at the new South Hook gas terminal last month marked the start of a new era for UK energy supplies — and for the economy of this once-struggling corner of South Wales.

As reserves of North Sea gas run out, South Hook and another plant nearby that is still under construction are set to play a key role in meeting Britain's future energy needs. Here, natural gas that has been superchilled to a fraction of its usual volume and imported by ship from the vast fields of Qatar and elsewhere in the Middle East, will be stored before being reheated and piped to millions of homes and businesses across the UK.

The construction of South Hook, whose five vast storage tanks could each comfortably contain the Albert Hall, has given a huge shot in the arm to this part of Britain, where the economy has for years straddled a curious mix of heavy industry and the distinctly rural. “We see ourselves as being in a bit of an energy bubble,” says Ted Sangster, chief executive of the Milford Haven Port Authority, Britain's sixth-busiest.

With the two LNG terminals, two large refineries processing 16 million tonnes of oil annually and Britain's largest crude storage facility, activity is set to top last year's record levels by 5 per cent.

Three thousand people were directly employed in the construction of the LNG plants as well as thousands more indirectly through suppliers.

While many of these jobs are now being lost as the construction phase reaches its conclusion, Mr Sangster hopes that this cluster of LNG and petrochemical plants will yield further energy-related spin-offs.

Last month the Government finally gave approval for Germany's RWE to build Britain's largest gas-fired power station just across the haven from South Hook. The £1billion plant will take three years to build with up to 2,000 workers on site.

That may explain why for many of the 115,000 people in Pembrokeshire, Britain's recession seems a rather distant notion. Tony Streatfield, inward investment officer at Pembrokeshire County Council, says: “Everyone is apprehensive but we have gone into this in a much stronger position than previously.”

Certainly, conditions seem more benign than they did in the mid-1990s, when the closure of the Gulf and Esso refineries, as well as a string of Cold War military bases, sent male unemployment soaring to nearly 15 per cent, the highest in Wales.

Although it is now edging up, unemployment stands at 3.8 per cent based on numbers out of work and claiming benefits in February - about the UK average but the seventh lowest out of the 22 local authorities in Wales.

Still, it would be wrong to suggest that no one is feeling the pinch in this part of Britain. Ten miles up the road from South Hook, just outside the county town of Haverfordwest, the rich smell of manure wafts through the air as dairy farmer Jamie Adams quietens his dogs and steps into his kitchen.

“Milk prices are under pressure, so we are definitely feeling it,” he says, citing a slide from 25p a litre at the end of last year to about 21p now.

Mr Adams, whose 270 milking herd produces 1.5 million litres of milk a year, says that demand is holding up well but admits the farm's total income will be down this year.

Meanwhile, a business — Will & Jamie's Fresh Yoghurt Drinks — that Mr Adams launched four years ago with fellow farmer Will Prichard in an attempt to diversify, is struggling too.

“Eighteen months ago people were saying ‘yes we will stock it' but now they are being more hesitant. There is a lack of confidence and we are struggling to get new custom.”

Even so, Mr Adams remains upbeat. “People will always keep drinking milk,” he smiles.

Over at the St Bride's Hotel in Saundersfoot, Andrew Evans, the proprietor, who also chairs the local chamber of tourism, is also keen to put a positive spin on the slowdown.

“The corporate business is not as strong as it was but the independent leisure side is holding up quite well,” he says. Pembrokeshire, where visitors spend an estimated half a billion pounds every year and the population of many seaside towns quadruples during July and August, stands to benefit from the weakness of the pound, he says. “More travellers are choosing to take their holidays in the UK this summer.”

Several big developments are due to come on stream this year and a huge holiday village called Bluestone is already fully booked for a large part of the high season, he says.

Ultimately, Mr Evans believes the entrepreneurial spirit of the region will stand it in good stead over the coming months.

“Pembrokeshire has been through some rough times before and people said, if we don't do something about this ourselves then it's never going to come back.”

Perfectly placed to keep an eye on the economic barometer

It's not easy for Ted Sangster to put a finger on how the recession is affecting his business. The chief executive of Milford Haven Port Authority, which operates the biggest port in Wales and the sixth largest in the UK, says the group handled a record 35 million tonnes of traffic last year, or about 3,000 separate shipping movements. So far, activity is up again this year.

“We are doing well,” he says. “A few of the companies that lease office and industrial space from us are struggling and one or two have gone out of business but otherwise things are pretty good.”

The deepwater port, which employs 203 staff and had turnover of £19 million last year, will receive a big boost from the opening of the South Hook and Dragon LNG terminals this year.

But two existing oil refineries, which together supply 25 per cent of all the petrol and diesel consumed in the UK, as well as the country's largest crude storage facility, also provide a steady stream of tanker traffic — and revenues. At Chevron's huge refinery on the south side of the haven alone there are frequently six oil tankers alongside the jetty.

Milford Haven claims to be the largest energy port in northern Europe yet Mr Sangster points out that it relies on much more than just the oil and gas industry.

The port also leases 1,200 moorings for leisure boats, handles fishing traffic, general cargo shipments and the twice-daily Irish Ferries service between Pembroke Dock and Rosslare.

It is this spread of business that gives Mr Sangster a better insight than just about anyone into the health of Pembrokeshire's economy.

While the port has detected a dip in the level of general cargo, at the same time it has noticed a rise in the amount of tourist traffic, says Mr Sangster — a reflection of the weak pound.

As for the future, he hopes that the construction of RWE's waterside gas-fired power station will boost traffic and, in the longer term, Milford Haven is trying to position itself as a service hub for the offshore wind industry.

Rough ride for smooth drink

Jamie Adams is facing an uphill struggle keeping his business running. The dairy farmer launched Will & Jamie's Fresh Yoghurt Drinks four years ago but the recession means that he and his partner, Will Prichard, are having difficulty getting on to enough supermarket shelves to justify the time and cost involved.

“We saw that there was 11percent growth in the market in the UK so we thought, well why don't we have a go,” he says. “But it's been much more difficult than we first expected.”

Will & Jamie's, which is based in Haverfordwest, uses only milk produced on their own farms and locally grown fruit. The business is selling about 2,000 to 2,500 bottles a week, mostly through Castell Howell Foods, a Carmarthen wholesaler that specialises in locally produced food, as well in shops and petrol stations around the district.

But the distribution and marketing has proved time-consuming and complicated, says Mr Adams, whose 270 milking herd also produces organic milk, which he sells separately.

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