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CPC receives Taiwan’s first shipment of carbon offset crude oil

12 June 2022

CPC Corporation, Taiwan (“CPC”) announced today that they have received Taiwan’s first certified carbon offset crude cargo from SOCAR Trading (“SOCAR Trading”), a trading arm of State Oil Company of Azerbaijan Republic. Approximately 1,050,000 BBL of Azeri Crude oil has been delivered early this morning, with cradle-to-gate greenhouse gas (GHG) emissions being offset with carbon credits certified by the Verified Carbon Standard (VCS).  

Cradle-to-gate GHG emissions associated with the development, production, processing, pipeline transportation and shipping to Taiwan have been calculated with the support from Deloitte and Siglar Carbon, a specialist in predictive analytics and MRV (Measurement, Reporting and Verification) of shipping emissions. These calculations have been verified by independent certification company Intertek Group plc (“Intertek”). SOCAR Trading arranged and structured VCS registered carbon offset supply and retirement. All credits have been issued less than six years ago with the majority derived from nature-based projects that also have additional Climate, Community and Biodiversity (CCB) accreditation.

The entire trade, including GHG emission calculations, offset quality and retirement, was independently certified as carbon neutral by Intertek and Climate Neutral Commodity, an independent commodity certification specialist.

The shipment of first carbon offset Azeri Crude cargo to Taiwan follows the signing of a framework agreement between SOCAR Trading and CPC to facilitate carbon offset operations for emissions related to crude oil deliveries. The framework agreement outlines the intended collaboration on future elective crude oil transactions to incorporate the MRV of the associated carbon footprint, and the offsetting of these emissions with the retirement of carbon credits.