Thursday July 24, 2014



Germany's BASF agrees on asset swap with Gazprom, to increase gas production and exit trading


In this April 19, 2004 photo, flags with the BASF-Logo fly in Schwarzheide Germany. THE CANADIAN PRESS/AP, dapd, Miguel Villagran

BERLIN - BASF SE has agreed on an asset swap with Russian natural gas heavyweight OAO Gazprom a deal that the German industrial group hopes will allow it to increase its production of oil and gas while exiting the gas trading and storage business.

BASF said the two companies' chief executives on Wednesday signed the agreement to swap assets of equivalent value. It said the transaction should be completed by the end of next year.

The plan is for BASF's Wintershall unit to get a stake of 25 per cent plus one share in two new blocks of a natural gas field in western Siberia. In return, Wintershall will transfer to Gazprom its share of the natural gas trading and storage business that it currently operates jointly with the Russian company.


Comments


NOTE: To post a comment in the new commenting system you must have an account with at least one of the following services: Disqus, Facebook, Twitter, Yahoo, OpenID. You may then login using your account credentials for that service. If you do not already have an account you may register a new profile with Disqus by first clicking the "Post as" button and then the link: "Don't have one? Register a new profile".

The Pipeline News North welcomes your opinions and comments. We do not allow personal attacks, offensive language or unsubstantiated allegations. We reserve the right to edit comments for length, style, legality and taste and reproduce them in print, electronic or otherwise. For further information, please contact the editor or publisher, or see our Terms and Conditions.

blog comments powered by Disqus


About Us | Advertise | Contact Us | Sitemap / RSS   Glacier Community Media: www.glaciermedia.ca    © Copyright 2014 Glacier Community Media | User Agreement & Privacy Policy

LOG IN



Lost your password?