Houston, TX - The Dow Chemical Company and Gazprom Marketing and Trading Limited announced yesterday they have signed a memorandum of understanding (MOU) to develop and implement greenhouse gas (GHG) reduction projects globally. Through this agreement, both companies will work together to identify projects that could cumulatively reduce millions of tons of carbon dioxide (CO2) emissions through the implementation of Dow technologies and other cooperative efforts.

Gazprom Marketing and Trading will provide a route-to-market for emissions offsets and use its global counterparty base to bring Dow's technologies to market. Successful implementation of these projects will bolster Gazprom Marketing and Trading's carbon portfolio with additional certified offsets and drive significant reductions in global GHG emissions.

The two companies will work together 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. The two will also collaborate on projects in the evolving U.S. 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. "This agreement aligns to our corporate strategy of participating in global offset projects to mitigate CO2 impact."

"Gazprom Marketing and Trading is proud to be an environmentally responsible company. Today's agreement to collaborate on projects that will reduce greenhouse gas emissions is one more example of how we strive to reduce our carbon footprint. 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," said Vitaly Vasiliev, CEO of Gazprom Marketing and Trading.

"Gazprom's global brand and large gas portfolio make it a great partner for us. We are excited to work together to deliver solutions for the global oil and gas market," said Janet Giesselman, general manager, Dow Oil and Gas.

To find out more about Certified Emissions Reduction project mechanisms, visit UNFCCC's website.

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