Gazprom and BASF address progress with asset swap deal

On 18 November, the city of Ludwigshafen hosted a working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Kurt Bock, Chairman of the BASF Board of Executive Directors. The focus of the meeting fell on the main areas and prospects for the companies' cooperation in the gas production, storage and transmission sectors.

The parties appreciated the joint actions on developing the Urengoyskoye and Yuzhno-Russkoye fields, as well as on expanding and operating UGS facilities in Europe. Moreover, the meeting participants shared opinions regarding the cooperation within joint infrastructure projects.

Alexey Miller and Kurt Bock also discussed the progress with the asset swap deal between Gazprom and Wintershall Holding. It was stressed that reinforcing the companies' positions across the entire production chain would help enhance the reliability of gas supplies to end consumers.

On 23 December 2013, Gazprom and Wintershall signed a Master Agreement to swap assets. As a result of the deal, Gazprom will increase its stakes in European gas trading and storage companies WINGAS, WIEH and WIEE to 100%, as well as receive a 50% stake in WINZ involved in hydrocarbon exploration and production in the North Sea. In its turn, Wintershall will obtain a 25.01% share in the project for developing blocks 4A and 5A in the Achimov deposits of the Urengoyskoye oil, gas and condensate field.

Adapted from press release by Rosalie Starling

Read the article online at: https://www.worldpipelines.com/business-news/20112014/gazprom-and-basf-address-progress-with-asset-swap-deal-1045/