Dubai, LNG Impel to develop $1 billion LNG storage site

By OGJ editors
HOUSTON, Aug. 29 -- Two leading Dubai government entities—the Dubai Multi Commodities Centre (DMCC) and Techno Park—have formed a partnership with LNG Impel, a wholly owned unit of Galveston LNG Inc., to develop a $1 billion LNG storage facility at Techno Park in Dubai.

The facility, Dubai LNG Storage Hub, will be the first of its kind in the world, said the partners, and is expected to have a total storage capacity of 40-65 bcf of gas.

On Aug. 28 DMCC and Impel began the open season bid process for storage capacity at the hub with an initial nonbinding bid round.

LNG Impel and DMCC signed a memorandum of understanding in June to jointly pursue this project.