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According to a report from the ICIS-MRC website in Moscow on April 29, according to information from the Hydrocarbon Processing Network, Trafigura sold the first batch of naphtha, a refined petroleum product used for plastics.
This move reflects the increasing tendency of oil and gas companies to market their products as cleaner products and to ensure the future of the fossil fuel industry as the energy transition accelerates.
The global commodity trader stated that they used the most energy-efficient ships at the time and adjusted their speeds to further reduce emissions.
The REDD project originated from the UN climate negotiations and aims to reduce emissions caused by deforestation and forest degradation.
Its rival, Vitol, began supplying green liquefied natural gas (LNG) cargoes last month to offset emissions from the wellhead to delivery.
Some companies have begun to seek higher prices for their so-called clean petroleum products.
Hao Fen translated from ICIS-MRC
The original text is as follows:
Trafigura sells first carbon-offset naphtha cargo
Trafigura sold the first cargo of naphtha, a refined oil product used in plastics, for which the carbon emissions from production to delivery were offset, said Hydrocarbonprocessing.
The move reflects a growing trend among oil and gas firms to market their products as cleaner and to secure a future for the fossil fuel industry amid an accelerating energy transition.
The global commodities trader said that it had used the most energy efficient vessel available at the time and the speed of the voyage was adjusted to reduce emissions further.
REDD projects emerged from the UN climate negotiations and aim to reduce emissions from deforestation and forest degradation.
Rival trading firm Vitol began offering green liquefied natural gas (LNG) cargoes last month, whereby the offsets would mitigate emissions from wellhead to delivery.
Some companies have begun seeking a premium price for what they call cleaner petroleum products.