China Rejects Sanctions on Iran Oil
China rejected the Obama administration's decision to impose sanctions on buying Iranian oil, claiming that Washington had no right to punish other nations Saturday.
"The Chinese side always opposes one country unilaterally imposing sanctions against another according to domestic law. Furthermore it does not accept the unilateral imposition of those sanctions on a third country," the ministry said in a brief statement Saturday.
Other nations, including South Korea, have continued working with the US to reduce imports of oil from Iran, working on tapping alternative energy supplies. However, China's strong reliance on Iranian imports and its growing energy needs have made it more difficult compared to most other nations.
Washington has repeatedly worked with Beijing to encourage seeking supplies from elsewhere like Saudi Arabia.
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Obama's goals of tightening pressure on Iran to starve the country of its presumed nuclear program have included unilateral sanctions on purchasing its oil. Thus far, 10 European Union countries and Japan have cooperated in reducing imports, while others have only a few months remaining to cut imports to save face with the US. Those countries include China, India, Turkey, South Africa and South Korea.
Sanctions are set to take effect on June 28 and Europe's oil embargo will start in July. Though Obama's intensions are not to hurt relations with allies, that may be the case if they do not cooperate in placing intense economic pressure on Iran.
Hydrostor receives $4m funding for A-CAES facility in Canada
Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.
The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction.
The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.
Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.
The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.
Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019.