May 14, 2013

Maibarara Geothermal eyes sale of carbon credits

Maibarara Geothermal Inc. (MGI) said it expects to sell carbon credits by 2015 after the United Nations approved the company’s Clean Development Mechanism (CDM) registration.

Maibarara parent Petro Energy Resources Corp. said the secretariat of the United Nations Framework Convention on Climate Change has confirmed that MGI has been registered effective Dec. 26, 2012 as a Clean Development Activity Mechanism under the Kyoto Protocol.

MGI is a joint-venture company owned 65% by PetroGreen Energy Corp., a 100-percent subsidiary of PetroEnergy Resources; Trans-Asia Oil & Energy Development Corp. (25%); and PNOC-Renewables Corp. (10%). - WealthSeac