DUBAI (Reuters) - The UAE's Abu Dhabi National Energy Co. (Taqa) said it is developing a project to store imported natural gas in two depleted oilfields off the Netherlands' coast to meet seasonal demand for the fuel.
Taqa, which is controlled by the government of Abu Dhabi, will soon pick a partner to develop the project at a cost of "less than $400 million," Taqa Chief Executive Peter Barker-Homek told the Reuters Middle East Investment Summit in Dubai on Sunday.
The fields, in which Taqa has a 40 percent stake, can hold as much as 24 billion cubic meters of natural gas, Barker-Homek said. Ships carrying liquefied natural gas will offload at the fields, where the fuel will be turned back into gas.
"It offers such a high level of flexibility for LNG shippers," Barker-Homek said. The project will be completed in the first half of next year, he said.
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