DUBAI, 22 August 2006 — The Dubai Multi Commodities Center (DMCC), Techno Park and LNG Impel (IMPEL) yesterday announced the development of a world class Liquefied Natural Gas (LNG) storage facility to be located at Techno Park in Dubai. The total cost of developing the storage facility is estimated to be $1 billion.

Envisioned as a massive infrastructure facility with a total storage capacity ranging from 40-65 billion cubic feet (bcf), Dubai LNG Storage Hub is the first of its kind in the world and will offer customers the ability to store, trade and plan supplies of LNG. The hub will also provide other services such as LNG loans and LNG quality blending. Over time, it is expected to offer financial derivatives around LNG and shipping.

DMCC and IMPEL will begin the Open Season bid process for storage capacity at the Dubai LNG Storage Hub with an initial non-binding bid round commencing Aug. 28. This announcement follows the signing of a Memorandum of Understanding (MOU) between LNG Impel and the DMCC in June to jointly pursue this project. “This project is a signal achievement for DMCC’s objective to make Dubai the energy hub of the Middle East, and is in keeping with our key role as a promoter of commodity trade and its requisite infrastructure,” said Ahmed bin Sulayem, chief operating officer of DMCC.

“We plan to work closely with LNG Impel and Techno Park to ensure that all stakeholders will be able to leverage the facilities offered by Dubai LNG Storage Hub to their best advantage,” he added. “Techno Park, with its core focus built around Oil & Gas, Energy & Alternate Energy and Water Desalination projects, presents the ideal location of choice for such a venture,” said Salma Hareb, CEO of JAFZA and Economic Zones World where Techno Park is located.

Commenting on the joint venture project, Thom Dawson, president of LNG Impel said: “We are very pleased and excited about the Dubai LNG Storage Hub which will help meet the demands of the industry as LNG transits into a globally traded commodity. It will provide industry participants with choices and options not accessible to them before.”