Midland, MI - November 27, 2007

The following press release is a direct translation of an announcement issued in Russian earlier today.

Today at the headquarters of Gazprom in Moscow, the Chairman of the Management Committee of Gazprom, Alexey Miller, the President of SIBUR, Dmitry Konov and the Chairman and CEO of The Dow Chemical Company, Andrew Liveris, signed a Memorandum of Intent in the sphere of hydrocarbons processing.

The Memorandum refers to the evaluation of perspectives for a joint venture creation based on expanded petrochemical production facilities of The Dow Chemical Company in the Federal Republic of Germany, and to the joint development of natural gas processing of Valangin deposits in Yamalo-Nenets autonomous area, as well as to the evaluation of potential cooperation in other spheres.

The parties will establish a joint working group to preliminarily assess the economic suitability for the formation of a joint venture, and to finalize further joint technical and economic studies.

The Dow Chemical Company, Gazprom and SIBUR will define the possibility to create a joint venture company in the framework of the evaluation of the hydrocarbons extraction from Valangin gas deposits in Yamalo-Nenets autonomous area and their further processing in a world scale petrochemical site in the Russian Federation.

About Gazprom:

OAO Gazprom is the world's largest gas company basically focused on geological exploration, production, transportation, storage, processing and marketing of gas and other hydrocarbons.

The Company's share in the global and Russian gas stocks makes up 17 and 60 per cent, respectively, with its overall reserves estimated at 29.85 trillion cubic meters and currently priced at USD 182.5 billion.

Gazprom's share in the global and Russian gas production is nearly 20 and 85 per cent, respectively. In 2006 Gazprom Group extracted 556 billion cubic meters of gas.

Gazprom owns the world's largest gas transmission system - the Unified Gas Supply System of Russia stretching for 156.9 thousand km.
Gazprom exports gas to 32 countries within and beyond the FSU, and continues reinforcing its positions on conventional international markets. In 2006 the Company sold 161.5 billion cubic meters of gas to European countries along with 101 billion cubic meters to the CIS and the Baltic States.

About SIBUR:

The SIBUR group (that includes OAO SIBUR Holding, OAO AK SIBUR and OOO SIBUR) is the Russian leading vertically integrated petrochemical holding company.

The SIBUR Group includes 34 enterprises that process, according to the single technological chain, the basic volume of the Russian hydro carbonic raw material ranging from initial processing to manufacturing final products for consumers. The executive functions are exercised by the management company OOO SIBUR.

OAO SIBUR Holding is part of the Gazprom Group. SIBUR Holding turnover in 2006 was 121.9 billion Russian Rubles, with net income of 21.4 billion Russian Rubles.

About Dow

In Russia since 1974, with more than 150 employees Dow offers a variety of plastics and chemicals to a wide range of industries including automotive, paint, construction, packaging, furniture, wire and cable, large appliances, water treatment and agricultural products. Dow's presence in Russia is growing fast. The Company has recently built a manufacturing plant for the production of STYROFOAM extruded polystyrene insulation boards close to Moscow, and formed the Russian joint venture Dow Izolan in the Polyurethane Systems business which is building a new, large and state-of-the-art production plant in Vladimir.

For Editorial Information:

Chris Huntley
The Dow Chemical Company
1-989-636-2876

Paolo Casciato
The Dow Chemical Company
(7) 985 99 72 455