Gazprom Sees Cooperation with Wingas in Transportation and Storage

Director General of Gazprom Export Alexander Medvedev spoke about the future incorporation of Wingas into Gazprom Group, betting on cooperation in transportation and storage. Medvedev intervened in occasion of the annual meeting of the employees of Germany’s Wingas. 

“In the near future Wingas will become part of the Gazprom family, and we shall be able to capitalize on our mutual enormous potential. We shall accelerate our growth in many areas, notably in “blue fuel” extraction, transportation, storage and trade. The assets swap opens new vistas for all of us,” Medvedev said in his speech. 

Gazprom with 50% of shares is the main Wingas’ shareholder. Gazprom and Wintershall Holding signed on 23 December an agreement to swap assets. 

Earlier in December, the European Commission gave the green light to Gazprom’s plans to acquire the joint control over Winz and Wintershall Services of the Netherlands and the sole control over Wingas and Wieh of Germany.

‘As a result of the deal, Gazprom will increase its stakes in European gas trading and storage companies Wingas, Wieh and Wiee to 100% as well as receive a 50 per cent stake in Winz involved in hydrocarbon exploration and production in the North Sea,’ reads a note released on Tuesday.

Wintershall will receive in return a 25.01% share in the project for developing blocks 4A and 5A in the Achimov deposits of the Urengoyskoye oil, gas and condensate field.