Gazprom, BASF to close asset swap deal in mid-2014

February 26, 2014

Gazprom and BASF are expected to close a deal to swap assets with Wintershall, which is 100% controlled by BASF, in the middle of this year. Thus the finalization has been postponed from last year. The sides signed an agreement on this on December 24, and the European Commission approved it on December 4.

Gazprom is to increase to 100% its share in the JVs to sell and store gas in the EU, Wingas, Wieh and Wiee, and to receive 50% in Winz, which explores and produces hydrocarbons in the North Sea. For its part, Wintershall will receive 25.01% in the blocks 4A and 5A of the Achimov formation at the Urengoy oil and gas condensate field.

Copyright: Oil and Gas Information Agency, 2014