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| Mexico |
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| PEMEX plans to sell carbon-credit certificates to Statoil |
| By Efe August 16, 2007 09:09:00 PM |
| | Mexican state-owned oil giant Pemex said it planned to sell 200,000 carbon-credit certificates to Norway's Statoil.
Each certificate represents a reduction of one ton of CO2, whose emission is believed to cause global warming.
Pemex said in a statement that it signed a letter of intent covering the transaction, whose cost was not specified, under the framework of the Kyoto Protocol.
The money Statoil will pay for the carbon-credit certificates will be used to launch projects to reduce greenhouse gas emissions at the Salina Cruz refinery in the southern state of Oaxaca, the Tula refinery in the central state of Hidalgo and the Cadereyta refinery in the northern state of Nuevo Leon.
The transaction will raise the number of carbon credits sold by Pemex to Statoil to 364,000 tons this year.
On March 2, the companies signed an agreement under which Pemex would reduce its CO2 emissions by 164,00 tons annually at its Tres Hermanos oil field in the Gulf state of Veracruz.
"Mexico issues bonds that are acquired by companies and governments in industrialized countries, who in this way finance projects in our country to reduce the emission of GG (greehouse gases)," Pemex said.
Under this mechanism, purchasers are able to cover their quotas for emissions of greenhouse gases and developing nations generate additional revenues from the sales of the certificates.
Pemex said it had now signed four deals to "explore with Statoil the possibility of reducing greenhouse gas" emissions.
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LatinPetroleum.com, www.latinpetroleum.com, Mexico news, 16.August.2007, Source: Efe |
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