Vitol announces the acquisition of a 76.3% stake in carbon resource management (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. Its achievements include the first Clean Development Mechanism (CDM) project in China, the first wind power CDM project in the world, a portfolio of over 45 million tonnes and over 200 CDM projects currently being progressed.
With offices in Beijing, Geneva, Kiev, Hanoi and London 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”