Russia has approved a project by TNK-BP Holding (TNBP.RS) to sell emissions reduction units, or ERUs, on the international market, the Anglo-Russian oil major said Wednesday.

The project, which will be implemented under the Kyoto Protocol, will seek to utilize associated gas from TNK-BP's Samotlor oil field. TNK-BP has been granted the right to sell ERUs equivalent to 846,000 tons 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 struggling to meet its emissions target can buy credits from another country that has surpassed its target.

Last month, Russia gave long-awaited approvals to 15 clean energy projects to earn carbon credits under the Kyoto Protocol.

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