George Hamilton, the vice-president of Dow's Olympic Operations, said: "We estimate that the Olympic Games will drive in excess of $100 billion (£61 million) of infrastructure spending over the next 10 years."

Along with Coca-Cola, General Electric, Visa and Panasonic, Dow is one of the main sponsors of the Olympics through to 2020, and Hamilton believes that this sponsorship should be a springboard to increasing the company's brand awareness outside of the United States, and that this may require joining up with Russian companies.

He said: "This gives us a global platform for telling Dow's story, about how our technology and our science bring improvements to mankind every day.

"To be truly successful here we have to maybe do some acquisition and some [joint ventures]."

Hamilton further voiced the view that Russia is an hospitable business environment, dismissing the notion that it is a difficult place for foreign companies to do business.

Dow has a joint venture already in place with Dow-Izolan, making polyurethane systems, and has an understanding in principle with Rusnano, a state run nanotechnology company.

Sponsorship is approximately $90 million (£55 million) for a four year cycle, and requires Olympic hosts to give preference to Dow products used in competition projects, on the proviso that they meet technical and cost specifications.

As well as increasing its presence and revenue in Russia, Hamilton said that Dow was supportive of Russia's entry into the World Trade Organisation, and believes that this step "will accelerate the country's integration with the rules and opportunities of the broader global economy".

Hamilton also played down concerns over corruption allegations which have centred around the construction of venues for the Sochi winter Olympics in 2014.

He said: "Is it [corrupt] there?

"Probably.

"But we do not see this as an issue for Dow."

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