India reviews proposal for massive oil conglomerate
According to the Economic Times, the government of India is planning to merge 13 state oil firms to create a conglomerate with a larger market value than Russia’s Rosneft.
India’s Cabinet Secretariat has tabled the proposal to the oil ministry, which has started the process of assessing a mega-merger. The integrated giant would also absorb various safety, development and analysis institutions.
The consultation process by the ministry has reportedly started with India’s oil firms. However, the oil ministry declined to comment on or confirm the developments.
The conglomerate’s largest stakeholder is the country’s Oil and Natural Gas Corporation (ONGC). Other members will include the Indian Oil Corporation, Hindustan Petroleum, GAIL, Bharat Petroleum Corporation, Mangalore Refinery and Petrochemicals (MRPL), Chennai Petroleum, Numaligarh Refinery and Oil India.
The six biggest companies in the proposed conglomerate have a total market value of US $77 billion.
In 2005, another proposal for a monolithic oil merger was brought before the Indian government, but was scrapped amid fears that a monopoly would stunt energy growth in the country.
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.