Gazprom, Wintershall Discuss Asset Swap

November 8, 2013

The European Commission has received applications for the approval of a deal to swap assets between Gazrprom and Wintershall Holding GmbH, a subsidiary of BASF.
 
BASF and the 100% subsidiary of BASF, Wintershall, are Gazprom’s partners in the exploration of the South-Russian oil and gas field and the Urengoy oil and gas condensate field (the 1st testing area of Achimov deposits). BASF and Wintershall also jointly own WIEE, WIEH and Wingas, the companies engaged in gas trade and storage in Europe.
 
In November 2012, Gazprom signed with Wintershall a legally binding framework agreement on the conditions for asset swap. After the deal, Wintershall will have 25% plus one share in the exploration of the blocks 4A and 5A (Achimov deposits of the Urengoy oil and gas condensate field). Gazprom will receive 50% of shares in WINZ (this company explores and produces oil and gas in the North Sea) and will be able to increase its shares in the European companies engaged in gas trade and storage (WIEE, WIEH and Wingas) from half to 100%.
 
Copyright: ProNedra, 2013