Chemicals company Dow Chemicals has struck a deal with Russian energy giant Gazprom to expand the use of technology to help trading in carbon dioxide emission credits, it has been revealed.

Under the memorandum of understanding, Gazprom and Dow will examine opportunities where Dow technologies can be used to reduce carbon emissions to generate the emission credits, writes the New York Times.

Dow will use the credits to compensate its industrial activities and market any excess through Gazprom’s Britain office.

Russia has credits in abundance under the Kyoto Protocol and the benefits can be transferred to its companies for trading.

In accordance with 2004 estimates, Russian companies could earn up to $9bn through selling credits created from investments in emissions-reducing technologies, the newspaper reported.