September 08, 2008

Dana Gas inks emissions trading pact with EcoSecurities

Arabian Business reported that Dubai Multi Commodities Centre and EcoSecurities have formed a strategic alliance agreement with Dana Gas and Crescent Petroleum of Sharjah to develop emissions reduction projects in the oil and gas sector under the Kyoto Protocol's clean development mechanism.

Under the deal, Dana Gas and Crescent Petroleum will identify projects across their regional oil and gas operations to reduce greenhouse gas emissions and improve energy efficiency. EcoSecurities and DMCC will facilitate the development of the lean development mechanism component of these projects and create value by trading the certified emissions reduction credits generated.

In addition, DMCC and EcoSecurities will collaborate with Dana Gas and Crescent Petroleum to identify opportunities to work with other energy companies and governments throughout the region, to reduce their greenhouse gas emissions.

Mr Rashid Saif Al Jarwan GM of Dana Gas said that "Since its establishment, Dana Gas has aimed to conduct its operations to international standards and we involved the World Bank Group in devising our corporate environmental policies. This partnership is the logical next step, applying market techniques to enhance the environmental benefits of major energy projects in our region."

Dana Gas is one of the largest private sector natural gas company in the Middle East.