BASF, Gazprom Swap Delayed

摘要

Germany's Wintershall says it is "currently negotiating the detailed contracts" underpinning the huge asset swap it agreed with Russia's Gazprom 11 months ago whereby it will increase oil and gas production but exit the gas trading and storage business (NC Nov. 15' 12). The firms said they hoped to complete the deal by the end of 2013 and backdate it to April 2013, but the timing appears to have slipped A spokesperson for Wintershall, the oil and gas arm of German chemicals giant BASF, told WGI last week that it will submit merger filings to the European Commission this month that will determine timing, with closing "dependent on the approval by the relevant authorities." Wintershall declined to say whether the swap has been modified.