About a month ago, OAO Gazprom signed a $30 billion gas project deal with Norway's StatoilHydro ASA. Now, the Russian-controlled energy giant is looking to deal with the U.S.'s Dow Chemical Co.

In Moscow, chairman of the management committee of Gazprom, Alexey Miller; the president of SIBUR, Dmitry Konov; and chairman and CEO of Dow Chemical, Andrew Liveris, signed a memorandum of intent on potential cooperation on projects in Russia and Germany. A joint venture may be formed for the processing of hydrocarbons. Dow, of course, has made JVs a key part of its strategy as it copes with the sky-high cost of feedstocks for its products; the company even published a white paper on its JVs, as previously noted on this blog.

Dow currently has petrochemical facilities in Germany. Dow's shares were up over 4% to $41.75 at the close of trading Wednesday on the NYSE. — Baz Hiralal

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