Arab Today, arab today basf gazprom go ahead with asset swap after all
Last Updated : GMT 16:00:00
Arab Today, arab today
Arab Today, arab today

BASF, Gazprom go ahead with asset swap after all

Arab Today, arab today

Arab Today, arab today BASF, Gazprom go ahead with asset swap after all

BASF, Gazprom
Frankfurt - AFP

German chemicals giant BASF said Friday it has agreed with Russian gas behemoth Gazprom to go ahead with an asset swap which the two had abandoned due to tensions between Russia and the West.

"Due to the difficult political environment, BASF and Gazprom had decided not to complete the asset swap planned for the end of the 2014," the German group explained in a statement.

"We continued our joint ventures in Europe and Russia. We did not exclude completing the asset swap at a later date and came to the joint decision to now complete the transaction," the statement said.

"We are working together with Gazprom as partners in the energy sector and will continue to extend our cooperation. We are convinced that natural gas from Russia is necessary to ensure energy security in Europe."

Under the deal, BASF's subsidiary Wintershall obtains shares in a western Siberian gas field.

In exchange it will hand over its stake in their joint venture gas storage and trading business, plus a stake in an oil and gas exploration unit in the North Sea.

"The completion of the asset swap is expected by the end of 2015 and, as agreed upon in December 2013, will be financially retroactive to April 1, 2013. The swap was already approved by the European Commission at the beginning of December 2013," BASF said.

"With the swap, BASF will further expand its production of oil and gas and will exit the gas trading and storage business," BASF said.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today basf gazprom go ahead with asset swap after all Arab Today, arab today basf gazprom go ahead with asset swap after all

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today basf gazprom go ahead with asset swap after all Arab Today, arab today basf gazprom go ahead with asset swap after all

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday