Gazprom will become the owner of the largest gas storage in Europe

The working meeting of the head of Gazprom Aleksey Miller and the chairperson of the board of executive directors of the German company BASF Kurt Bock took place within St. Petersburg international oil and gas forum. They discussed different aspects of strategic cooperation, in particular, the bargain on exchange of assets between Gazprom and the affiliated enterprise of BASF – Wintershall. This information was given on the website neftegaz.ru.

The participants of the meeting noted that in the result of this exchange the companies would strengthen their positions considerably on the whole production chain from extraction of raw materials to delivery of ready products to final consumers. Besides, they discussed the opportunity of joint development of reserves of Urengoy field and Yuzhno-Russkoye field (Yamal-Nenets Autonomous Okrug) and shared opinions about fulfillment joint infrastructural projects, including the trunk gas pipeline «South Stream».
BASF and Wintershall Holding GmbH are partners of Gazprom on development of Achimov deposits of Urengoy field and Turonian gas of Yuzhno-Russkoye field. They participate in the projects «Nord Stream» and «South Stream». Last December Gazprom and Wintershall signed the agreement about exchange of assets. After the bargain Gazprom will two times increase – up to 100 percent – a share in joint companies on trade and storage of gas in Europe Wingas, Wieh and Wiee and also will receive 50 percent in the company Winz, which conducts exploration and extraction of hydrocarbons in the North Sea. In particular, the underground storage of natural gas the largest on the territory of Western Europe will be given to property of Gazprom.
A little more than 25 percent in the project on development of two areas of Achimov deposits of Urengoy oil, gas, condensate field will be given to Wintershall.