EcoloCap Solutions Inc. (OTCBB: ECOS) today announced that its wholly-owned subsidiary EcoloCap Canada Ltd, has signed a partnership agreement with Gazprom Marketing and Trading, for the development of CDM Projects in Asia.
In a first transaction resulting from this agreement, Gazprom Marketing and Trading and EcoloCap Canada Ltd. have entered into a contract for the purchase of Carbon Credits (CER of nine renewable projects in Vietnam that is estimated to generate 500,000 CERs yearly). At the present world market price, the transaction represents a yearly value of some 8,500,000 US.
Dr Tri Vu Truong, President and CEO of EcoloCap Canada stated: “ We are very proud to be associated with Gazprom Marketing and Trading, a wholly-owned subsidiary of the Gazprom Group, the worlds largest gas producer. For the benefit of our customers this partnership will be a key element assuring the success for the development of their projects as Gazprom represents extensive international experience as well as unquestioned financial strength. In this perspective we are looking forward to developing an increasing number of others projects to be materialized in the near future.”
Michael Siegel, President and CEO of EcoloCap Solutions Inc. stated: “Dr Truong is a worldwide respected expert in the environmental field and we consider ourselves privileged to have him on our team. This agreement with a world leading company is proof of the credibility he has in the market. We are looking forward to working with Dr Truong on our M-Fuel projects where our clients can benefit greatly from the generation of Carbon Credits through the use of M-Fuel. “