Dow Chemical and Russia's Gazprom Marketing and Trading said they will work together to develop and implement greenhouse gas reduction projects around the world. The companies signed a memorandum of understanding to identify projects that could reduce millions of tons of CO2 emissions through Dow technologies and other cooperative efforts. Dow and Gazprom will also collaborate on projects in the evolving U.S. carbon market, they said. 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, they said.