RED.L Regulatory News (RED)

20 Mar 2007 07:01

Camco International Ltd20 March 2007 Camco 12.3 million carbon credit energy efficiency project registered by CDM Executive Board Camco International, ('Camco'), today announces the registration of the 12.3million tonne CO2 emissions reduction 'Jinan Iron and Steel Group CorporationCombined Cycle Power Plant Project', the largest energy efficiency projectdeveloped under the CDM to date. The project reduces greenhouse gas emissions through the capture and utilisation of waste gases from steelworks. Camco partnered with the Jinan Iron and Steel Group Corporation, one of China's largest steel producers, to develop the project and successfully navigate the CDM qualification process. The project has started operations and is expected to produce 12.3m tonnes of carbon credits from 2007 to the end of 2012. In October 2006, Camco successfully facilitated an Emissions Reduction Purchase Agreement ('ERPA') for the commercialisation of carbon credits to be generated by the project. Camco assisted its client in developing the project design document (PDD), securing the appropriate government approvals, supporting the validation work, and securing project registration. Camco will continue to support the client during the operation of the project, in particular with regard to the required monitoring activities, in order to ensure the delivery of carbon credits throughout the project life-cycle. Tristan Fischer, Camco's CEO said: "The registration of this project represents the culmination of many milestonesachieved over the past year: the project has finished construction, it isoperational and the carbon credits have been commercialised. This project is nowexpected to produce carbon credits every year until 2012. Securing this registration further demonstrates why the carbon industry recentlyvoted Camco the Best Project Developer of 2007." For further information please contact: Camco International Limited +44 (0) 20 7256 7979Tristan Fischer, Chief Executive OfficerScott McGregor, Chief Financial Officer Press Gavin Anderson +44 (0) 20 7554 1400Ken Cronin/Kate Hill/Janine Brewis Notes to Editors For more information about the project, please see: http://cdm.unfccc.int/Projects/registered.html About Camco Camco works with companies in the developing world to identify and developgreenhouse gas emission reduction projects, managing the entire process fromproject initiation to the delivery of carbon credits for sale in theinternational market. Camco is a market leader in China and Russia - two of thelargest potential markets for Carbon Credits - as well as in Eastern Europe andAfrica. Our strategy is to utilise our expertise in managing and delivering carboncredits on a local basis in an international arena. By doing this our aim is toincrease our overall carbon portfolio in terms of both volume and value. Camco was voted by carbon industry participants as the 'Best Project Developerof the Year' at the Carbon Market Insights Conference held in Copenhagen inMarch 2007. This information is provided by RNS The company news service from the London Stock Exchange