Japan Firm Buys Gazprom Emissions

TOKYO -- Marubeni, a Japanese trading company, bought greenhouse-gas emission credits from Gazprom to capitalize on growing demand for the right to pollute air in Japan.

The transfer of the credit will be completed in December, Marubeni said Friday in a statement on its web site. Marubeni and Gazprom's trading arm also agreed to find ways to implement joint greenhouse-gas reduction projects, the statement said.

The Clean Development Mechanism allows polluters in developed nations to buy credits from projects that cut emissions in developing countries. The United Nations typically gives certified emissions reduction credits to an applicant, following the local governments' endorsement.

Marubeni is an investor in the $13 billion Sakhalin-1 oil and gas project. The trading company has an 11.68 percent stake in Sakhalin Oil & Gas Development, which owns 30 percent of the project.