Iran Finds New Ways to Export Oil Despite Sanctions
In a move to find away around sanctions intended to put pressure on its nuclear program, Iran reached agreements with European refiners to sell some of its oil through a private consortium Saturday.
The deal would circumvent the European ban on shipping insurance for tankers carrying Iranian oil, according to the head of the oil products exporters' union. Signed by the Central Bank of Iran, the Oil Ministry and the union, it will account for about 400,000 to 500,000 barrels of oil per day, according to Tehran Times.
Put into effect on July 1, the ban would cut Iran's oil exports by more than half from last year's levels, which would cost billions of dollars a month in revenue.
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"There have been discussions with European refiners, and a final agreement has even been reached," said Hassan Khosrojerdi, the exporters' union head, according to Iran's Mehr News Agency. "In accordance with the agreement, it is planned that 20 percent of Iran's oil exports will go through this private consortium... It is likely that because of international restrictions, we will give minor privileges or discounts to some of the buyers of our oil."
After the EU embargo, Iran's oil sales to its top customers including Europe, Asia and Japan have been severely disrupted.
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.