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BASF, Gazprom to complete asset-swap deal

Sep. 04, 2015 7:01 AM ETBASF SE (BASFY) StockOGZPY, BASFY, BFFAFBy: Yoel Minkoff, SA News Editor4 Comments
  • BASF (OTCQX:BASFY) Gazprom (OTCPK:OGZPY) have agreed to complete an asset-swap deal signed in December 2013 but called off late last year following Russia's annexation of the Crimea region.
  • As previously planned, BASF will exit the gas-trading and -storage business of its subsidiary Wintershall and will further expand its production of oil and gas.
  • Gazprom will acquire BASF's natural-gas trading business and will also get a 50% share in BASF’s North Sea oil exploration and production unit.
  • The swap was already approved by the European Commission at the beginning of December 2013.

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