New solar power plant to provide green energy

Updated 04 March 2015
0

New solar power plant to provide green energy

The energy division of Yusuf Bin Ahmed Company Ltd. inaugurated a 60 kW solar power plant to provide green energy to their facility in the presence of South Korean Consul General Nakyoung Oh and Khalid bin Mohammed Kanoo Group Deputy Chairman Ahmed Fawzi Kanoo, area manager-Western Province.
This power plant was built with Korean technology led by Korea Nuclear Engineering Services Corporation (KONES) and its affiliates.
The inauguration took place on Monday at the Kanoo offices in Jeddah. The project consists of 228 mono crystalline silicon PV modules of high efficiency set at 15 degrees south, and connected with three inverters to convert DC current to AC current, connected with a step-up transformer to 220 volts, which is connected direct into the building. The system will produce between 300 and 400 KWH per day.
The shaded areas under the solar modules were used as a car parking for 28 cars.
A complete whether station was built to monitor the solar energy on daily basis coupled with a state-of-the-art control system to affect the synchronization with the utility grid.
This system will contribute to reducing the power consumption of the building. It was designed in modular form so it can be doubled and trebled depending on the need.
A group of Korean companies contributed to the design and configuration of this system with the latest technology to connect a solar system with the public grid.


‘Huge increase’ in crude prices not expected: IEA executive director

Updated 19 July 2019
0

‘Huge increase’ in crude prices not expected: IEA executive director

  • The International Energy Agency is revising its 2019 global oil demand growth forecast down to 1.1 million barrels per day
  • IEA’s Fatih Birol: Serious political tensions could impact market dynamics

NEW DELHI: The International Energy Agency (IEA) doesn’t expect oil prices to rise significantly because demand is slowing and there is a glut in global crude markets, its executive director said on Friday.
“Prices are determined by the markets ... If we see the market today, we see that the demand is slowing down considerably,” said IEA’s Fatih Birol, in public comments made during a two-day energy conference in New Delhi.
The IEA is revising its 2019 global oil demand growth forecast down to 1.1 million barrels per day (bpd) and may cut it again if the global economy and especially China shows further weakness, Birol told Reuters in an interview on Thursday.
Last year, the IEA predicted that 2019 oil demand would grow by 1.5 million bpd. But in June this year it cut the growth forecast to 1.2 million bpd.
“Substantial amount of oil is coming from the United States, about 1.8 million barrels per day, plus oil from Iraq, Brazil and Libya,” Birol said.
Under normal circumstances, he said, he doesn’t expect a “huge increase” in crude oil prices. But Birol warned serious political tensions could yet impact market dynamics.
Crude oil prices rose nearly 2 percent on Friday after a US Navy ship destroyed an Iranian drone in the Strait of Hormuz, a major chokepoint for global crude flows.
Referring to India, Birol stressed the country could cut its imports, amid rising oil demand in the country, by increasing domestic local oil and gas production.
Prime Minister Narendra Modi had set a target in 2015 to cut India’s dependence on oil imports to two-thirds of consumption by 2022, and half by 2030. But rising demand and low domestic production have pushed imports to 84 percent of total needs in the last five years, government data shows.
Meanwhile, the IEA doesn’t expect a global push toward environmentally friendly electric vehicles can dent crude demand significantly, Birol said, as the main driver of crude demand globally has been petrochemicals, not cars.
He said the impact of a serious electric vehicle adoption push by the Indian government would not be felt immediately.