Gazprom and BASF have signed an Agreement on closing an asset swap deal. As a result of the deal, Gazprom will increase its share in European gas trading and storage companies WINGAS, Wintershall Erdgas Handelshaus (WIEH) and Wintershall Erdgas Handelshaus Zug (WIEE) to 100% as well as receive a 50% stake in Wintershall Noordzee (WINZ) involved in hydrocarbon exploration and production in the North Sea.
WINGAS is a joint venture of Wintershall (50.02%) and Gazprom (49.98%), Wintershall being a wholly-owned subsidiary of BASF. WINGAS is mainly focused on natural gas wholesale trade and storage. The company supplies hydrocarbons to customers in Germany, where it occupies over 20% of the market, as well as to Belgium, the Netherlands, the UK, Austria, the Czech Republic and other countries.
WIEH is a 50-50 JV of Wintershall and that purchases and sells natural gas in Germany, while WIEE is another 50-50 JV of Wintershall and Gazprom that is mainly focused on natural gas sales in Southeastern Europe.
In its turn, Wintershall will obtain 25.01% in the project for developing Blocks 4A and 5A in the Achimov deposits of the Urengoy oil, gas and condensate field that have production estimated at 274 bcm of natural gas and 74 Mt of gas condensate.
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