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. Last Updated: 07/27/2016

Top 3 Oil Firms to Reduce Gas Flaring

The country's three largest oil companies agreed to join a project that aims to cut the country's carbon-dioxide output by 100 million metric tons, curbing natural gas flaring and potentially earning Kyoto emission credits worth $1 billion.

LUKoil, state-controlled Rosneft and TNK-BP pledged support for the Kyoto Neftegas Program, Sergei Roginko, head of JI Committee, the program operator, said Thursday.

Low prices available for remote gas mean plans for projects to curb flaring "are lying around on the shelves of the oil companies,'' Roginko said. Revenue from credits created under the 1997 Kyoto Protocol's joint implementation mechanism will make many of these plans viable, he said.

One $35 million project in the Tyumen region would send gas now flared through a new 75-kilometer pipeline. It would also require a gas-drying facility and a compressor station, Roginko said.