ECOSECURITIES ASSISTS UN REGISTRATION OF FIRST KYOTO PJT IN GCC.

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EcoSecurities Assists in Achieving UN Registration of First Kyoto Project in The GCC Region

DUBLIN, Ireland--(BUSINESS WIRE)--May 31, 2007--EcoSecurities, one of the world's leading companies in the business of sourcing, developing and trading carbon offsets from greenhouse gas emission reduction projects, announces that Qatar Petroleum's Oil Field Gas Recovery and Utilisation project at the Al-Shaheen oil field has been registered with the United Nations, under the Clean Development Mechanism (CDM) of the Kyoto Protocol.

EcoSecurities acted as carbon advisor for the project in developing key components of the Project Design Document (PDD).

The project, the first of its kind in the region, captures and processes associated gas from the Al-Shaheen oil field, located 90 km off the coast of Qatar, which was previously flared and utilizes it for domestic use. Overall, the project reduces flaring by approximately 80%, thereby contributing substantially to the reduction of greenhouse gas emissions in the State of Qatar.

The project comprises three main components: recovery of associated gas; transmission of the associated gas along a pipeline; and utilisation of the associated gas at the Messaieed gas processing plant.

The project activity is estimated to reduce Qatar Petroleum's greenhouse gas emissions by over two million tonnes of CO(2) per year making it Qatar's largest CDM project for reducing CO(2) emissions to date.