South Sudan: Robbed of Oil Worth $815 Million
South Sudan begins shutting down oil production in response to a dispute with northern Sudan over transportation fees on exports. According to the government, a full shutdown will take two weeks.
South Sudan is demanding $1 billion for fees since July and $36 a barrel while Sudan diverts the crude to cover some unpaid bills. South Sudan President Salva Kiir has publicly said that Sudan has “looted” $815 million of its oil. He has also accused Khartoum of having built a pipeline that essentially diverts 120,000 barrels per day of production flowing through the north.
“At this time we have no guarantee that oil flowing through the Republic of Sudan will reach its intended destination,” Kiir told Parliament. “We can’t allow assets which clearly belong to the Republic of South Sudan to be subject to further diversion.”
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After South Sudan gained independence in July, it took about three-quarters of Sudan's total output. With decades of civil war between the two countries, the new source of tension is now sharing oil revenues.
The government released a statement warning companies that if they buy or sell “stolen crude,” they will be subject to legal action. Both countries will resume talks soon under the African Union in Addis Ababa with negotiations stalled last week.
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.