Wintershall intends to acquire a stake in the offshore section of the South Stream Pipeline Moscow.

Alexey Miller, Chairman of the OAO Gazprom Management Committee, and Dr. Jürgen Hambrecht, Chairman of the Board of Executive Directors of BASF SE, signed a Memorandum of Understanding in Moscow this week which will see the BASF subsidiary Wintershall acquire a 15 percent stake in the company South Stream AG.

Gazprom will retain its 50 percent shareholding according to the agreement. The company South Stream AG will develop, construct and operate the offshore section of the South Stream Pipeline which will run through the Black Sea.

The Memorandum of Understanding also stipulates the conclusion of new long-term gas supply agreements for the joint natural gas trading company WIEE (Wintershall Erdgashandelshaus Zug) for its sales activities in south-east Europe. The Memorandum was signed in the presence of the Russian Prime Minister Vladimir Putin.

Tags: Wintershall