BASF and Gazprom agree on energy-asset swap

BASF and Gazprom (Moscow) have agreed on an asset swap, under which BASF will increase its oil and gas production in Russia and exit the gas trading and storage business. The deal was signed today by BASF chairman Kurt Bock and Gazprom chairman Alexey Miller. The agreement is due to be completed by the end of 2013 and will be financially retroactive to 1 April 2013. The companies will, under the terms of the agreement, jointly develop two additional blocks of the Achimov formation of the Urengoi natural gas and condensate field in western Siberia. Wintershall...

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