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Dow Chemical, Gazprom To Research Climate Change

Fri, 06/19/2009 - 6:47am

HOUSTON (AP) — Dow Chemical Co. and Russian energy giant Gazprom said Thursday they will jointly study and form projects designed to reduce greenhouse gases.

As part of the agreement, Gazprom will use its marketing and trading business to market Dow Chemical's technologies.

Financial terms of the deal were not disclosed.

Both companies plan to work on projects that meet United Nations standards, as well as the still-uncertain U.S. carbon-trading market.

"Through this agreement with Gazprom ... Dow products and technologies will have a channel to global oil and gas markets, and we will have access to certified emission reductions," Dow's Rich Wells said in a statement.

"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," Gazprom's Vitaly Vasiliev said.

Shares of Dow declined 13 cents to $15.99 in midday trading.

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