By IANS
New Delhi : State-owned petroleum firm Oil and Natural Gas Corp’s (ONGC) gas flare recovery project in Uran in Maharashtra is now entitled to an annual carbon credit of Rs.93 million ($2.4 million), the company said Thursday.
The United Nations Framework Convention on Climate Change registered the project as a carbon development mechanism (CDM) project, ONGC said in statement.
This is ONGC’s third project to be registered with the UN body for carbon credit entitlement.
The company’s waste heat recovery project at the Mumbai South offshore oil platform and up-gradation of gas turbines project at Hazira in Gujarat are already on the UN agency’s entitlement list, the statement added.
The Uran project, registered with the UN agency Dec 23, involves reducing gas flaring from ONGC’s Uran plant and qualifies for a CDM project under fuel substitution category, ONGC said.