Gazprom and Germany’s BASF complete asset swap - fastFT: Market-moving news and views, 24 hours a day - FT.com
▻http://www.ft.com/intl/fastft/400691/gazprom-germanys-basf-complete-asset-swap
Gazprom on Thursday completed a delayed multi-billion euro asset swap with Germany’s BASF, in a sign of the Russian state-controlled company’s optimism about its future in the European market.
The asset swap, which will see Gazprom take full control of a jointly operated European gas trading and storage business, was scrapped in December amid the sharp deterioration of relations between Russia and the west and nervousness about further sanctions, writes Jack Farchy in Astana.
[…]
Under the deal, Gazprom will also receive a 50 per cent stake in BASF subsidiary Wintershall’s North Sea operations, which explore for and produce oil and gas off the Netherlands, UK and Denmark – a part of the deal which is likely to face scrutiny by British politicians.
In return, Wintershall will receive stakes in two west Siberian gasfields.