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Gazprom OAO and BASF SE to Swap Assets; to Divest Shares in Blocks in Achimov Formation


Wednesday, 14 Nov 2012 02:27am EST 

BASF SE (BASF) announced that it has signed a legally binding basic agreement to swap assets of equivalent value with OAO Gazprom (Gazprom). BASF's wholly-owned subsidiary Wintershall will receive 25% plus one share of the blocks IV and V in the Achimov formation together with the option to increase the share in the two gas and condensate deposits to 50%. A total annual plateau production of at least 8 billion cubic meters of natural gas is expected from the two blocks. Start of production is planned for 2016. In return, Wintershall will completely transfer the jointly operated natural gas trading and storage business to its partner Gazprom. This includes the 50% shares in the gas trading companies WINGAS, WIEH (Wintershall Erdgashandelshaus Berlin) and WIEE (Wintershall Erdgashandelshaus Zug) including shares in the natural gas storage facilities in Rehden and Jemgum, Germany, as well as Haidach, Austria, and the gas storage operator astora. Gazprom will also receive a 50% share in the activities of Wintershall Noordzee B.V. 

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