Fwd: + Vitol Group Acquires Remaining 76% of Carbon Resource Management

Sent From Bloomberg Mobile MSG


Vitol Group Acquires Remaining 76% of Carbon Resource Management
2011-01-07 12:34:36.718 GMT

By Catherine Airlie
Jan. 7 (Bloomberg) -- Vitol Group, the world's largest
independent oil trader, said it increased its stake to 100
percent in Carbon Resource Management as part of a strategy to
develop emission-reduction projects after 2012.
Vitol, with an emissions team based in Geneva and a 24
percent of Carbon Resource Management since 2007, has bought the
remainder, it said today in a statement. Terms of the deal
weren't disclosed.
Vitol has more than 250 projects worldwide designed to curb
around 140 million metric tons of greenhouse gases blamed for
causing climate change, according to the statement. The European
Union and the United Nations are working on new rules for their
emission programs after 2012 amid a clampdown projects
generating "windfall profits" and the likelihood that targets
set by the 1997 Kyoto Protocol will expire. CRM has more than
200 projects, the statement said
"This business will give us a strong foothold in today's
market and will provide many new opportunities in the post 2012
marketplace which is now beginning to take shape." Russell
Hardy, a Vitol director, said in the statement.
Tradable credits can be issued under the UN's Clean
Development Mechanism, created by the 1997 Kyoto Protocol. The
credits can be used by European factories and power stations to
comply with the bloc's emissions targets. The UN promised to
speed up the time it takes to register and issue emissions
credits during international climate talks in Cancun last month.
The number of offsets issued by the UN reached a monthly
record of 24.8 million metric tons in November, nine times
higher than in July, and will probably double that number this
month, according to an estimate from IDEACarbon, the London
carbon-market research company.
Vitol trades more than 5.5 million barrels of oil products
a day, the statement said. Thomas Winklehner, former head of
emissions trading at Centrica Plc, heads CRM's emissions trading
unit, according to information on its website. CRM founder Nick
Clarke is stepping down as chief executive officer, the
statement said.

Link to Company News:{62647Z LN <Equity> CN <GO>} Link to
Company News:{2714180Z LN <Equity> CN <GO>} Link to Company
News:{3611758Z NA <Equity> CN <GO>}

For Related News and Information:
Top Green Stories:GREEN<GO>
Top Oil Stories:OTOP<GO>

--Editors: Mike Anderson, Stephen Cunningham.