It is reported that Jinan Iron and Steel Group Corp of China has agreed to sell about 12.3 million tons of emission credits to an unspecified buyer.

Camco International Ltd, which is advising Jinan, said that a project to capture and use greenhouse gases from the steelworks will create the credits.

Mr Scott McGregor CFO of Camco said that the project is one of the largest energy efficiency projects developed in China under the 1997 Kyoto Protocol's Clean Development Mechanism.