BASF sees asset swap with Gazprom by year-end

BASF confirmed its intention to complete its asset swap deal with Gazprom by the end of the year. 

“We are going to achieve this by the end of the year," CEO Kurt Bock said at a press conference on Thursday. 

BASF’s subsidiary Wintershall and Gazprom signed a Master Agreement to swap assets on December 23, 2013. 

‘As a result of the deal, Gazprom will increase its stakes in European gas trading and storage companies WINGAS, WIEH and WIEE to 100 per cent as well as receive a 50 per cent stake in WINGAS involved in hydrocarbon exploration and production in the North Sea. In its turn, Wintershall will obtain a 25.01 per cent share in the project for developing blocks 4A and 5A in the Achimov deposits of the Urengoyskoye oil, gas and condensate field,’ wrote Gazprom in that occasion.

Some rumours also indicated that Gazprom could acquire Europe's largest underground gas storage facility located in the small German town of Rehden, Lower Saxony.

Earlier this month, Wintershall acquired shared in oil and gas fields in the Norwegian North Sea from Statoil, increasing by 50% its production on the NCS.