BASF, Gazprom cancel asset swap

BASF and OAO Gazprom have agreed not to complete an asset swap that was scheduled for yearend.

“We regret that the asset swap will not be completed,” said Dr. Kurt Bock, chairman of BASF SE.  “We will continue our cooperation of over 20 years with Gazprom in our current joint ventures.”

It was originally planned that two blocks of the Achimov formation in the Urengoi natural gas and condensate field in Western Siberia would be jointly developed by Gazprom and BASF subsidiary Wintershall Holding GMBH (OGJ Online, Nov. 14, 2012).

In return, Wintershall would have transferred a jointly operated natural gas trading and storage business to Gazprom.

Additionally, Gazprom would have received a 50% share in a Wintershall subsidiary’s exploration and production activities in the southern North Sea.

The natural gas trading business will continue to operate as a 50-50 joint venture between Gazprom and Wintershall.

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