THE WALL STREET JOURNAL: Norway's Gassco Hires Shell To Trade Its C02 Emissions: “Norwegian natural gas infrastructure operator Gassco Wednesday said it has hired Royal Dutch/Shell Group's (RD, SC) trading arm to trade its carbon dioxide emission allowances” (ShellNews.net) Posted 23 Dec 04
DOW JONES NEWSWIRES
OSLO -- Norwegian natural gas infrastructure operator Gassco Wednesday said it has hired Royal Dutch/Shell Group's (RD, SC) trading arm to trade its carbon dioxide emission allowances.
Under new government rules, Gassco's processing plants will only be allowed to emit a certain amount of carbon dioxide. The difference between its quota and its actual emissions - whether higher or lower - can be bought or sold in an international carbon dioxide emissions trading scheme.
Gassco-run facilities produce around 1.7 million tons of the greenhouse gas carbon dioxide, mostly from its Kaarsto processing plant.
Gassco said it will apply by Jan. 15 to the Norwegian Pollution Control Authority for a quota of around 95% of its expected carbon dioxide emissions, which is similar to other industry quotas.
"A quota of that kind will put us on a level playing field with comparable plants in Norway and the rest of Europe," says Sigve Apeland, head of Gassco's health, safety and environment department.
Emission reduction costs, or the cost for buying carbon dioxide credits to emit above its quota, will be borne by Gasled, the owner of Norway's gas infrastructure. Gasled is comprised of several oil and gas companies with significant offshore gas interests.
The deal is with Shell International Trading and Shipping Company.
-By Ian Talley, Dow Jones Newswires, +47 22 20 10 58; email@example.com