Gazprom, BASF to Sign Asset Swap Agreement Before New Year

Chairman of the Gazprom Management Committee Alexey Miller met Kurt Bock, Chairman of the Board of Executive Directors of BASF on Tuesday, noting that a cooperation agreement between Gazprom and Wintershall would be signed in 2013.

Wintershall, the largest crude oil and natural gas producer in Germany, is solely owned by BASF. 

‘The parties addressed the bilateral cooperation in the energy sector, particularly, as part of the Nord Stream project and the South Stream offshore section construction,’ reads a note released on Monday.

According to the press release, the two companies discussed also the cooperation between Russia’s Gazprom and Wintershall and spoke about the current asset swap deal between the companies.

‘It was note that the agreement would be signed in 2013 and the deal would be closed in 2014,’ reads the note. 

Last November, chemicals giant BASF and Gazprom have agreed an asset swap which will allow Wintershall, to concentrate more on gas and oil production.Through the swap, BASF aims to further expand its production of oil and gas and to exit the gas trading and storage business.