2013 Exhibitions
German speciality chemicals company BASF and Russian energy company Gazprom have undertaken an asset swap of equivalent value, aimed at expanding both companies’ capabilities.
Led by Dr. Kurt Bock, Chairman of the Board of Executive Directors of BASF SE, and Alexej Miller, Chairman of the Management Committee of OAO Gazprom, the deal aims for the joint development of the Achomoy deposits in the Urengoi oil, gas and condensate field in western Siberia.
It will enable BASF to further expand its production of oil and gas and to exit the gas trading and storage business. Likewise, Gazprom will take over 100% of the current jointly run natural gas trading and storage business as well as 50% of Wintershall Noordzee, a BASF company that will receive 25% plus one share in the blocks IV und V in the Achimov formation of the Urengoi field.
The transaction is expected to be completed by the end of 2013 and financially retroactive to 1 April 2013.
(PRA)
