Gazprom and BASF, have signed a basic agreement on asset swap. The legally binding document provides for major terms and conditions for the asset swap deal under the project for joint development of the Achimov deposits in the Urengoy oil, gas and condensate field. The final agreements are expected to be made in 2013.
According to the document, BASF's wholly-owned subsidiary Wintershall may acquire 25% plus one share in the new joint venture on developing blocks 4A and 5A in the Achimov deposits of the Urengoy field (Russia). In addition, the agreement provides for Gazprom to receive a 50% stake in WINZ, which runs natural gas exploration and production projects in the North Sea, and increase its stakes in gas trading and storage companies of WINGAS Group to 100%, as well as in WIEH and WIEE to 100%.
Gazprom and Wintershall Holding had set up 50-50 joint ventures: WINGAS, WIEH and WIEE. WIEE is focused on Russian natural gas supplies to the countries of Southeastern Europe and analysis of potential investments in the national gas markets of these countries. WIEH operates in the gas trading sector and performs natural gas purchasing, transportation, storage and marketing in various European countries. WINGAS supplies hydrocarbons to customers in Germany, Belgium, France, the UK, the Netherlands, Austria, the Czech Republic and Denmark. Its customers include municipal and regional gas suppliers, industrial enterprises and power plants.