Navin Fluorine wins carbon credits from UN

Times Of India , Thursday, May 22, 2008
Correspondent : REUTERS
MUMBAI: Navin Fluorine International Ltd has received 795,455 carbon credits from a United Nations agency, the agency's Web site showed on Wednesday.

Navin, which makes chemicals and refrigerant gases, has received the credits for its project to reduce greenhouse gas HFC 23, a byproduct in its refrigerant gases operation, the UN Framework Convention on Climate Change said on its Web site.

Current realisations for the credits is about 17 euros each. At 2:05 p.m, the December carbon credit contract was trading at 1,154 rupees on India's National Commodity Derivatives Exchange. At this price, the credits are worth 918 million rupees.

Industries in developed countries buy carbon credits to meet their environmental obligations under the Kyoto Protocol. Each unit of carbon credit represents a one metric tonne reduction in greenhouse gas emission.

The company's Managing Director Vinesh Sadekar had said the company expects to generate 2.8 million carbon credits annually for 10 years. He had added the company will use the funds in its fluorochemicals business and to retire debt. Shares in the company, which rose more than 16 per cent during the day, were trading 10.6 per cent higher at 308.05 rupees in the Mumbai market.

 
SOURCE : Times Of India, Wednesday, 21 May 2008,
 


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