U.S. May Punish India Over Level of Iranian Oil Imports
India, Iran's third largest buyer of crude oil, may experience harsh sanctions on behalf of the Obama administration if the country fails to reduce its purchases of Iranian oil, officials announced yesterday.
“Given the level of trade, and in particular oil, between Iran and India, targeting an Indian entity that facilitates Iran’s access to the international financial market should be top of mind for the U.S. Treasury,” Avi Jorisch, a former Treasury Department official who is now a Washington-based consultant on deterring illicit finance, said in an interview with Bloomberg.
If India does not follow the U.S. law, Obama may bar access to America's banking system for any bank in India processing oil payment through Iran's central bank, U.S. officials announced.
Despite its excellent record of enforcing United Nations sanctions on Iran, India has avoided the unilateral U.S. sanctions in light of the country's overbearing energy needs. It is unclear how much India would need to reduce its oil imports from Iran in order to become exempt from the sanctions, but the U.S. has offered the country assistance in brokering deals with alternative suppliers to avoid any shortfall.
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According to the latest data from the International Energy Agency, India and South Korea sharply increased Iranian oil purchases in January, while China halved its imports in the same month.
Although imports have not been reduced as of yet, some Indian officials have reported that planned reductions wouldn't happen until the end of March when new annual contracts begin.
Faced with an EU embargo on Iranian oil imports, Iran has offered India additional supplies under certain terms. Should India fail to reduce its imports significantly and soon, a decision to impose penalties could come as early as last June.
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.