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Rosneft to cut planet-warming emissions

Rosneft will achieve the emissions cuts by harnessing associated natural gas, a by-product of oil production, at the Komsomolskoye oil field in the far northern region of Yamal-Nenets

Cutting the carbon dioxide emissions in 2008-2012 by Russian state-controlled company Rosneft comes under the deal with Word Bank acting on behalf of the European, Danish, Italian and Spanish Carbon Funds. It was signed Monday being a part of Kyoto Protocol.

During the period of 2008-2012 Rosneft is prepared to allocate a minimum 5.32 million emission reduction unites (ERUs) in the above-mentioned Funds (one ERU equals one tone of CO2). The World Bank…will formalize transactions with ERUs, as well as will monitor and control compliance with procedures governing project implementation.