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.
Through the transaction, Wintershall, a 100% subsidiary of BASF, receives the economic equivalent of 25% plus one share of the blocks IV and V in the Achimov formation of the Urengoy natural gas and condensate field in western Siberia. The two blocks will be jointly developed by Gazprom and Wintershall.
In return, Wintershall will transfer its share in the currently jointly operated natural gas trading and storage business to its long-term partner Gazprom.
Together these activities contributed about €12.2 billion to sales and around €260 million to EBITDA of BASF Group in 2014 and about €7.2 billion to sales and around €240 million to EBITDA of BASF Group in the first half of 2015. The partnership in the area of gas transportation activities will continue.
“In Oil & Gas, we are continuing our strategy of focusing on profitable growth at the source in our targeted oil and gas-rich regions,” said Dr. Kurt Bock, Chairman of the Board of Executive Directors of BASF SE. “We look forward to further expanding the joint production of natural gas and condensate with our partner Gazprom in western Siberia.”