Isramart: Dow, Gazprom to explore carbon reduction

The Dow Chemical Co. and Gazprom Marketing and Trading Limited announced Thursday they plan to develop and implement greenhouse gas reduction projects on a global basis.

Through this agreement, the companies will work together to identify projects that could cumulatively reduce millions of tons of carbon dioxide emissions through the implementation of Dow technologies and other cooperative efforts.

The two companies will identify global projects that qualify for Clean Development Mechanism or Joint Implementation status according to the United Nations Framework Convention on Climate Change requirements. Dow and Gazprom Marketing and Trading also will 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 looking forward to working with Dow, said Vitaly Vasiliev, CEO of Gazprom Marketing and Trading.

“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,” Vasiliev 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.”

The agreement reinforces both companies’ commitment to setting the standard for sustainability by providing innovative solutions to the world’s energy and climate issues.

“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. “Dow Oil and Gas products are proven technologies that have successfully lowered energy requirements while reducing carbon emissions.”