Wintershall and Gazprom swap assets around Nord Stream

摘要

BASF announced Oct. 28 that it has signed a framework agreement for a planned asset swap. The framework agreement, signed by Gazprom CEO Alexey Miller and chairman of the board of executive directors of BASF, Dr. Kurt Bock, stipulates that Gazprom will receive interests of equal value in selected exploration and production projects by Wintershall in the North Sea and will ultimately receive half of Wintershall's shares in the aforementioned concessions. Two further blocks of the Achimov formation of the Urengoy field in western Siberia will be developed by the two companies. Wintershall, a wholly owned subsidiary of BASF, will initially hold a working interest of 25 percent plus one share in the development of blocks IV and V. Wintershall retains the option of increasing this shareholding to 50 percent.