Hyundai Engineering wins $273mn EPC contract to upgrade major Thai oil refinery
Hyundai Engineering, the construction arm of South Korea’s Hyundai Motor Group, has been awarded a new KRK290bn (USD$273.2mn) engineering, procurement and construction (EPC) for work on a major Thai refinery project.
The contract, awarded by Thai energy company BangChak Corp. Public Company (BPC), will require Hyundai Engineering to build continuous catalyst regeneration reformers, replacing the facility’s old hydrocracking units at the oil refinery based in Bangkok’s Phra Khanong district.
“We were able to clinch the deal as we had completed similar projects in Malaysia,” Hyundai Engineering said. “We have also built up strong credentials having worked on various EPC projects with big petrochemical names in Thailand, including Siam Cement Group, PTT Group and Thai Oil Public Company.”
BCP is one of the country’s largest energy companies, producing approximately 120,000 barrels of oil per day (Bpd) across its production plants, then distributing these across its network of over 1,000 service stations countrywide.
According to Hyundai Engineering, the new units are expected to boost the refinery’s production capacity from 25,000 to 27,500 Bpd.
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.