Russian oil major OAO Gazprom Neft (SIBN.RS) said Wednesday it has received approval for a project to cut carbon emissions in cooperation with Japanese companies Mitsubishi Corp. (8058.TO) and Nippon Oil.
Russian oil major OAO Gazprom Neft (SIBN.RS) said Wednesday it has
received approval for a project to cut carbon emissions in cooperation with
Japanese companies Mitsubishi Corp. (8058.TO) and Nippon Oil.
The project, which will be implemented under the Kyoto Protocol, will seek to
utilize associated gas from Gazprom Neft's Yety-Purovskoye oil field and is
expected to generate 3.1 million emission reduction units, or ERUs. One unit
corresponds to 1 metric ton of carbon dioxide.
Russia
has a
huge surplus of emission permits under the 1997 Kyoto Protocol, but has been
slow to approve what are known as joint implementation projects. Under the
Kyoto Protocol, a country that has difficulty meeting its emissions goal can
buy credits from another country which has reduced them beyond its target.
Last month,
Russia
gave
long-awaited approval to 15 clean energy projects to earn carbon credits under
the Kyoto Protocol.
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