Angola LNG Project may generate US$180 million with carbon credit

1 August 2011

Luanda, Angola, 1 Aug – The Angola LNG project installed in Soyo municipality in Zaire province may annually bring in US$180 million from the profitable sale of the so-called “carbon credit”, states the head of mission of the United Nations Development Program (UNDP), Jorge Moreira da Silva.

“The project will make it possible to reduce greenhouse gas emissions by 13 million tons of carbon dioxide per year,” Moreira da Silva said on Friday.

“A ton of carbon is being commercialised at 10 euros, i.e. 14 dollars, so we’re talking about an annual benefit of 180 million,” he said.

The project, which must still be approved by the United Nations, is meant to start in 2012. The aim is for gases produced during oil and gas prospecting to be captured and taken to a factory for their purification or liquefaction.

They will later be placed in appropriate containers and exported to interested countries, among them the United States of America. (macauhub)