OREANDA-NEWS. Rosneft and the International Bank of Reconstruction and Development (IBRD is part of the World Bank), which was acting on behalf of the Italian Carbon Fund, the Danish Carbon Fund, the Netherlands Carbon Facility, the Spanish Carbon Fund and the Prototype Carbon Fund, signed a Letter of Intentions concerning the purchase of emission reductions obtained through the gas utilization program at the Komsomolsk oilfield.

According to this document, Rosneft expresses its readiness to place 15 million Emission Reduction Units (one ERU is equal to one tonne of CO2) in the funds in 2008-2012 at a price of no less than USD 8 per tonne of CO2-equivalent.

Carbon funds are organizations authorized by the governments of their home countries to carry out operations aimed at changing the emissions quotas established by the Kyoto Protocol.