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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