Iran Unable to Sell Oil, Builds New Storage Facilities
Iran announces plans to build new oil storage facilities in order to store more of the fuel it isn't selling due to Western sanctions over its disputed nuclear program.
"By the middle of the next (Persian calendar) year (beginning March 20, 2013), nearly 8.1 million barrels will be added to the crude oil storage capacity of Iran," Press TV reported the managing director of the Iranian Offshore Oil Company (IOOC), Mahmoud Zirakchian-Zadeh, as saying.
As a nation with the world's third largest proven oil reserves, the sanctions have definitely made an impact on the country's economy, where crude oil exports account for 80 percent of its foreign revenue.
As a result, Iran's national airline has nearly doubled prices on plane tickets for many foreign destinations due to higher fuel prices and the diminishing value of the rial against other currencies.
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Iran's oil exports plunged to 1 million barrels a day in July from 1.74 million barrels in the previous month, according to the International Energy Agency.
Some of Iran's fleet of oil tankers have been used to store crude in early 2012, but the number of ships anchored off its main export terminal in the Gulf has fallen sharply in recent months. The amount of crude held in floating storage nearly halved to 13 million barrels at the end of October from as high as 25-30 million in April, according to IEA estimates.
Iran continues to deny charges that its uranium enrichment program is geared towards developing nuclear weapons, but rather towards generating electricity and producing radioisotopes to treat cancer patients.
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.