May 20, 2016

Kuwait plans to invest $42 billion in oil, despite slump

Admin
1 min
Kuwait National Petroleum Company (KNPC) is planning US $42 billion in oil investments by 2022 — including a new refinery and clean fuels proje...

Kuwait National Petroleum Company (KNPC) is planning US $42 billion in oil investments by 2022 — including a new refinery and clean fuels project.

Abdullah Al Aimi, the Deputy Director of KNFC’s projects, announced the expansions at an oil committee meeting on Wednesday. The country is planning to increase oil production despite the current slump in prices worldwide.  

Al Aimi also announced that KNPC’s planned Clean Fuel Project, which would transform two refineries into an “integrated merchant refining complex”, will be 75 percent complete by the end of this year.

Heavy investment is in line with Kuwait’s current strategy for bolstering economic growth. Anas Al-Saleh, Kuwait’s Minister of Finance and acting Oil Minister, recently told Bloomberg that the country was going to be “spending as much as possible” in the wake of the global oil price shock.

However, Al-Saleh revealed that the country would be pursuing austerity measures — including a reduction in utility subsidies, the introduction of corporate taxes and merging of state entities — to prevent budget shortfall.   

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SOURCE: [oilprice.com

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Apr 16, 2021

Hydrostor receives $4m funding for A-CAES facility in Canada

energystorage
Canada
Netzero
Dominic Ellis
2 min
The funding will be used to complete essential engineering and planning, and enable Hydrostor to take critical steps toward construction
The funding will be used to complete essential engineering and planning, and enable Hydrostor to take critical steps toward construction...

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.

The project has support from Natural Resources Canada’s Energy Innovation Program and Sustainable Development Technology Canada.

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. 

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