Plans to build a 40 to 65 billion cubic foot storage facility for Liquefied Natural Gas (LNG) in Dubai were recently announced LNG Impel Middle East, one of the firms developing the landmark project.
The establishment of the$1 billion storage facility at Techno Park will make the LNG trading capital of the world, according to Khaleej Times.
"The city is centrally located between supply and demand of LNG. Dubai is within one and a half sailing days from major suppliers in the region, about 10 days sailing from major customers in the Near and Far East, and 14 days sailing from Europe," said Abdelkader Elrahal managing director of LNG Impel Middle East, who teamed up with the Dubai Multi Commodities Centre (DMCC) and Dubai Techno Park.
"The launch of this facility would offer greater flexibility to both buyers and sellers and would release them from being tied to strict and inflexible supply schedules over long periods of time," said Tilak Doshi, executive director for Energy at DMCC.
The facility will be known as Dubai LNG Storage Hub, and will be built in three phases. The first phase is scheduled to be completed by 2011 and the whole project is to be completed by 2013.
