BASF to increase oil and gas production and exit gas trading and storage business / BASF Group company Wintershall to receive 25% plus one share in the blocks IV und V in the Achimov formation of the Urengoi field in western Siberia / Gazprom to take over 100% of the currently jointly run natural gas trading and storage business as well as 50% of Wintershall Noordzee B.V.

Dr. Kurt Bock, Chairman of the Board of Executive Directors of BASF SE, and Alexej Miller, Chairman of the Management Committee of OAO Gazprom, today (November 14, 2012) signed a legally binding basic agreement to swap assets of equivalent value. Through the swap, BASF aims to further expand its production of oil and gas and to exit the gas trading and storage business. Subject to the approval by the relevant authorities, the transaction is to be completed by the end of 2013 and financially retroactive to April 1, 2013.

Tags: Gazprom, Wintershall