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BASF and Gazprom sign final agreement for asset swap

8:03 AM MST | December 24, 2013 | Deepti Ramesh

BASF and Gazprom (Moscow), on 23 December, signed the final agreement to swap assets of equivalent value. Through the swap, Wintershall (Kassel, Germany), a wholly owned subsidiary of BASF, will further expand its production of oil and gas and exit the gas trading and storage business. The two companies first agreed on the asset swap last year. The transaction is expected to be completed in mid-2014 and will be financially retroactive to 1 April 2013. Sales and earnings of BASF’s natural gas trading business will continue to be reported in the oil and gas...

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