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Gazprom & Wintershall Sign Agreement on Cosing Asset Swap Deal

Source: www.gulfoilandgas.com 9/4/2015, Location: Asia

As part of the Eastern Economic Forum, Alexey Miller, Chairman of the Gazprom Management Committee and Kurt Bock, Chairman of the BASF Board of Executive Directors signed in Vladivostok an Agreement on closing the asset swap deal between Gazprom and Wintershall Holding.

As a result of the deal, Gazprom will increase its share 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 WINZ involved in hydrocarbon exploration and production in the North Sea.

In its turn, Wintershall will obtain 25.01 per cent in the project for developing Blocks 4A and 5A in the Achimov deposits of the Urengoy oil, gas and condensate field.

“This year we’ll be celebrating the 25th anniversary of our successful cooperation with Wintershall. The Agreement signed today will become yet another vivid example of its development and open up new horizons to our companies in implementing large-scale projects,” said Alexey Miller.

“We continue pursuing our oil & gas strategy with a focus on the profitability growth in our priority regions rich in oil and gas. We are happy to see the build-up of our gas and condensate production in Western Siberia together with our partner Gazprom,” said Kurt Bock.

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