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Rosneft selling 15 million tonnes of Kyoto carbon

Published Feb 20, 2007

Rosneft will sell the right to emit 15 million tonnes of carbon-dioxide to the Danish, Dutch, Italian and Spanish carbon funds, as the Western European countries look for ways to meet their Kyoto pollution targets, it was understood Tuesday.

The International Bank of Reconstruction and Development will oversee compliance in the deal, which is made possible by the associated gas that’ll be siphoned off for sale at Komsomolsk oilfield.

Rosneft will spend RUR4 billion ($ on ) making better use of the extra gas. This first sale of Emission Reduction Units will help project finances by $120 million, or $8 per ERU (equivalent to one tonne of emitted carbon-dioxide).

 

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