Rosneft, SPIMEX to cooperate on development of exchange trading in carbon units

MOSCOW. Jan 18 (Interfax) - Rosneft and St. Petersburg International Mercantile Exchange (SPIMEX) have signed a cooperation agreement on carbon management and the development of exchange trading in the carbon units that result from the implementation of Rosneft projects to reduce greenhouse gas emissions, Rosneft said in a statement.

"As part of cooperation, the Company and SPIMEX will explore an opportunity of holding test auctions of Rosneft carbon units. The Agreement provides for development and introduction of new tools for exchange trading in low-carbon oil and petroleum products. In addition, the Company and the Exchange will work together to create a Russian benchmark for hydrocarbons (oil, petroleum products, natural gas, LNG) with low carbon intensity," the statement said.

A SPIMEX representative said earlier that the exchange might begin trading in carbon units and that it is fully technically prepared to do so.