European Union Bans Syrian Oil Imports
Following the reported killing of 13 civilian protesters, the European Union (EU) has decided to ban imports of Syrian oil. Syrian President Bashar Assad’s regime has been murdering civilians since the outset of the uprising five months ago, and apparently Europe has had enough. The ban will drain the regime of millions of dollars per day in oil revenues.
The United Nations (UN) estimates that 2,200 people have been killed since the uprising in Syria began. Most recently, protesters have been marching under the slogan, “Death Rather Than Humiliation.” While the protesters have typically sought peaceful anti-regime demonstrations, they have faced an onslaught of bullets from government forces. Recent weeks have marked a shift in that sentiment, however, as protesters are now calling on their fellow Syrians to take up arms and inviting foreign military aid to defeat Assad’s regime.
SEE OTHER TOP STORIES IN THE WDM CONTENT NETWORK
Damascus earns about 28 percent of its total revenue from selling oil to countries like France, Germany, Italy and the Netherlands. Syria exports roughly 150,000 barrels of oil per day, mostly to Europe. The country earned a total of 3.1 billion euros ($4.4 billion) selling oil to the EU in 2010, accounting for 1.5 percent of the EU’s total crude imports that year.
“The impact of the ban in terms of EU oil supply is very minimal, but the impact on the financing of the Syrian regime is quite substantial,” says EU trade spokesman John Clancy.
However, with Syria’s regime reportedly receiving aid from Iran, analysts fear that sanctions alone will not be enough to coax a peaceful settlement to the protests. The EU has also imposed bans on European banks from opening credit lines for Syrian oil sales and has prohibited European insurance companies from insuring Syrian cargo.
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.