Trader Mercuria buys CO2 developer from Morgan Stanley

BEIJING (BestGrowthStock) – Mercuria, one of the world’s largest independent energy traders, said on Wednesday it had bought Florida-based carbon offset project developer MGM International from investment bank Morgan Stanley.

The Geneva-based firm, which wants to become a major carbon trader, did not disclose the value of the acquisition.

“The company (MGM) is poised to produce a significant amount of credits between now and the end of Kyoto Protocol compliance period in December 2012, which provides a solid platform to support our focus on global carbon trading markets,” said Paul Chivers, Chief Investment Officer for Mercuria.

MGM identifies projects in developing countries such as China, Mexico and South Africa that can cut emissions of greenhouse gases and so qualify for carbon credits under the Kyoto Protocol on global warming.

Mercuria started its emission trading team in 2007 and by late 2009 it had six staff based in Geneva and three in China, and trades carbon for around 100 clients, the company has said.

(Reporting by Chen Aizhu; Editing by David Chance)

Trader Mercuria buys CO2 developer from Morgan Stanley