Two major companies, Dow Chemical and Russia’s Gazprom Marketing and Trading Ltd, have announced that they will work together on projects to reduce greenhouse gases around the world.

In a joint news release, both companies revealed plans to identify projects that could reduce millions of tons of carbon dioxide emissions through Dow technologies and other cooperative efforts.

Gazprom produces and markets natural gas and other hydrocarbons in Russia and other countries. Dow Chemical is an American multinational corporation that manufactures chemicals, plastics and agricultural products. Dow also produces water purification technology and was named 2008 Energy Star Partner of the Year by the U.S. Environmental Protection Agency for excellence in energy management and reductions in greenhouse gas emissions.

The two companies aim to identify global projects that qualify for Clean Development Mechanism or Joint Implementation status according to the United Nations Framework Convention on Climate Change requirements.

"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.

"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," said Vitaly Vasiliev, chief executive officer of Gazprom Marketing and Trading.