Circle Gas Reports $67 Million in Carbon Credits Awaiting Delivery

Circle Gas, the UK parent of Kenyan pay-as-you-cook liquefied petroleum gas (LPG) supplier M-Gas, reported $67 million in contracted carbon credits awaiting delivery and $57 million in cash prepayments for 2025, according to its financial statements. The company lost $39.3 million in 2025, held $1.1 million in cash at year-end, and reported net liabilities of $156.7 million.

It requires approximately $28 million in new funding to support its growth plans. The reliance on carbon-credit revenue poses financial risks for Kenya's clean-cooking businesses, as government authorization can impact the value of contracted credits.

Koko Networks, another Kenyan clean-cooking company, entered administration after the government declined to authorize its carbon-credit sales. Circle Gas received a “Letter of Acceptance” confirming eligibility for its carbon-credit projects and could apply for a “Letter of Authorisation.” M-Gas announced in January 2026 that its clean-cooking carbon project had received a Letter of Approval, although it is unclear if this is the same as the Letter of Acceptance.