Gazprom enters Nordic carbon trading market

OSLO Mon May 19, 2008 10:14am BST

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OSLO May 19 (Reuters) - Russian gas giant Gazprom (GAZP.MM) has signed up to trade carbon products at Nordic power exchange Nord Pool, one of Europe leading carbon trading markets with 130 members.

"We have built multi-commodity trading capability and now trade globally in products such as gas, power, LNG and carbon," Keith Martin, director of front office operations at Gazprom Marketing & Trading, said in a statement on Nord Pool on Monday.

"We seen the carbon market as one of great significance for us going forward, so becoming a member of Nord Pool is an important step in building our market presence," Martin said. Gazprom began carbon trading in 2006 and recently signed a major deal with Japan's Marubeni Corp (8002.T), Nord Pool said.

Nord Pool, the single power market for Norway, Denmark, Sweden and Finland, said it is the largest power derivatives exchange and the second largest exchange in European Union emission allowances (EUAs) and global certified emission reductions (CERs) trading.

Over the first two months of 2008, Nord Pool traded and cleared 33.7 million tonnes of EUAs and CERs, more than triple the volume from the same period a year ago. (Reporting by Wojciech Moskwa)

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