PNOC-EDC in 7.2M-euro carbon credit trade

PNOC Energy Development Corp, the world's second largest geothermal energy producer, yesterday signed a deal with the World Bank for the sale of carbon credits valued at 7.2 million euros (about P450 million). The unit of Philipppine National Oil Company signed the emission reduction purchase agreement for its Northern Negros Geothermal Power Project. The contract involves the guaranteed sale of at least 929,000 tons of carbon emission credits from 2007 to 2012 to the Netherlands Clean Development Mechanism Facility with the World Bank acting as trustee for the buyer. - -GMANews.TV