Vitol acquires CRM
Today the Vitol Group (Vitol) announced the acquisition of a 76.3% stake in Carbon Resource Management (CRM). Vitol has held 23.7% equity in CRM since 2007 and this now gives Vitol 100% ownership.
CRM is acknowledged to be a global leader in partnering companies that wish to develop and monetise carbon assets. The CRM team developed the first Clean Development Mechanism (CDM) project in China, the first wind power CDM project in the world, and the company now has a portfolio of over 45 million tonnes and over 200 CDM projects currently being progressed.
With offices in Beijing, Geneva and Hanoi and over 30 employees, CRM applies its expertise across the carbon credit cycle, from identifying new projects to delivering carbon credits to market.
Vitol is one of the worlds leading participants in the CO2 market with one of the largest carbon project portfolios and an offtaker of around 140m tonnes of contracted emission CER/ERU volume to 2012. This is distributed across over 250 projects and gives rights to more tonnes post 2012. Vitol is also a major trader on the EU Emissions Trading Scheme.
Russell Hardy, a Vitol Director, said “We are very pleased to have made this acquisition and look forward to growing the emissions reduction business using CRM’s significant technical experience and origination capacity, particularly in renewables. This business will give us a strong foothold in today’s market and will provide many new opportunities in the post 2012 marketplace which is now beginning to take shape.”
Departing CEO and CRM Founder Nick Clarke added “In the last 5 years we have attained great success in the emissions trading market and I sincerely wish all the best to Vitol and the CRM team going forward”
About Vitol:
The Vitol Group was founded in 1966 in Rotterdam, the Netherlands. Since then the company has grown significantly, to become a major participant in world energy markets and is now one of the world’s largest independent energy traders.
Its trading portfolio includes crude oil, oil products, LNG, natural gas, coal, power and carbon emissions. Vitol trades with all the major national oil companies, the integrated oil majors and the independent refiners and traders. Globally Vitol trades over 5.5 million barrels of crude oil and products per day.
In addition to its trading business, and its 50% share in the storage and terminals business, VTTI with 11 terminals worldwide, Vitol has an exploration and production business which includes interests in Ghana, Cameroon, Philippines, Kazakhstan, Russia and Azerbaijan. It also currently owns and operates over 100kbd in refining assets closely linked with its tankage facilities in Fujairah and Antwerp, in addition to term refining arrangements at multiple third party refineries worldwide.
Further details on the Vitol Group can be found at www.vitol.com
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CRM purchases ERUs from partners in Ukraine
Carbon Resource Management has purchased Emission Reduction Units (ERUs) from its partners in Ukraine, along with greened Assigned Amount Units (AAUs) from the pre-2008 period of Joint Implementation projects. There is a growing market for greened AAUs and with its strong presence in Kiev, Carbon Resource Management has demonstrated its ability to secure a reliable source of credits for its international clients.
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World's First Offshore Wind CDM Project
The Executive Board has given its approval for the world’s first registration under the Clean Development Mechanism of an offshore wind farm. The project, which will have a capacity of 102MW when fully operational, is based in coastal waters near to Shanghai, China. Carbon Resource Management Ltd wrote the Project Design Document and has purchased the CERs from the project owners, a consortium of China’s largest power companies.
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High Quality Verified Emission Reductions for Sale
Carbon Resource Management has sold 2.7 million high quality Verified Emission Reductions over the last 3 years. It presently has over 100,000 VCUs available from wind farms in China and in 2010 the first of its Gold Standard VERs will be available. Any organisation that is interested in purchasing upwards of 15,000 VCUs should contact William Dunford for further information via: wd@carbonresource.com
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A Letter of Commendation for CRM
In February 2009, Guohua Energy Company in China sent the following letter of commendation:
Dear Mr Nicholas Clarke and Ms Qian Yiwen,
I am writing this letter to thank CRM for the work done for Guohua’s Windfarm CDM Projects. On 4th and 5th this month we received respectively the registration notifications from EB on Manjing West Windfarm Project (2040) and Huitengliang West Windfarm Project (2047). This is a monumental breakthrough for the collaboration between CRM and Guohua.
I am writing to especially thank one of your team members, Miss Yao Yanxia as well. In charging of the two above-mentioned projects, Miss Yao had worked seriously and was fully committed to her work. She had showed us with professionalism and technical competence during the one-and-a-half year’s project development time. I think, that’s what a good CDM project manager will be.
I hope our collaboration will still continue for further success. We have reason to believe that 2009 will be a fruitful year. Guohua hope that the registration of Manjing North Project and Qijiashan Project will finally be done in 2009.
Furthermore, we have several Golden Standard projects. Guohua have attached great importance to the development of these projects. Therefore, Guohua really hope the successful development of GS project will be another milestone of our collaborations in 2009.
Finally, I sincerely invite you two to visit our office next time you come to Beijing again.
Faithfully yours,
WU Peihua – Chief Engineer, Guohua Energy Co. Lt., Beijing, China.
Click here to view the original letter
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CRM Photo Wins 2nd Prize in International Photo Contest
A snowscape of wind turbines and Mongolian ponies on a grassland in China won second prize in the UNFCCC/CDM International Photo Contest 2008 – Best of Changing Lives.
The photo, entitled ‘Outside the Window…’, was taken from a jeep during a visit to the CDM project 1261 Guohua Huitengliang Wind Farm Project.
The photographer, Li Chun, who works as an operator at the wind farm said, ‘The local herders are Mongolians. When they come home to Huitengliang to celebrate Chinese New Year, they let their ponies roam freely around the wind farm’.
The grassland around Huitengliang is the second largest in Inner Mongolia. The nearest town, Xilinhaote, is over 50 kilometres away.
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