Dow, Gazprom ink greenhouse gas pact

Houston, Texas - Dow Chemical Co. and Gazprom have agreed to develop and implement greenhouse gas (GHG) reduction projects, based on Dow technologies and other joint efforts.

Under a memorandum of understanding (MOU) between Dow and Gazprom Marketing and Trading Ltd, the Russian partner will provide a route-to-market for emissions offsets and help to bring Dow's technologies to market. 

The two companies also aim to identify global projects that qualify for Clean Development Mechanism (CDM) or Joint Implementation (JI) status according to the United Nations Framework Convention on Climate Change (UNFCCC) requirements. They also plan to collaborate on projects in the evolving US carbon market.

"Through this agreement with Gazprom Marketing and Trading, Dow products and technologies will have a channel to global oil and gas markets, and we will have access to certified emission reductions," said Rich Wells, Dow vice president of Energy and Climate Change.

For his part, Vitaly Vasiliev, CEO of Gazprom Marketing and Trading said: "We are very excited to work with Dow and believe their technologies offer a wide array of proven carbon-reduction methodologies that will drive customer value as the world addresses the climate change challenge."