Basf, gazprom agree on asset swap basf will grant gazprom full control of their jointly run european gastrading and storage activities to gain more access to siberian gas fields. Wintershall holding gmbh, headquartered in kassel, germany, is a whollyowned subsidiary of basf. Basf and gazprom scrap energy asset swap financial times. Basf to increase oil and gas production and exit gas trading and storage business basf group company. Germanys basf and russias gazprom will complete an assetswap deal signed in december 20 but called off late last year amid mounting political tensions between russia and the west. Spending discipline would be a key success factor in 2017 too, he added. Gazprom and basf agree on asset swap oil and gas news.
Gazprom also signed asset swap agreements with several nord stream 2 participants, including a final deal with wintershall, the general conditions for a swap with omv, and discussed a similar deal with shell, it said. Pao gazprom and wintershall holding gmbh have completed an asset swap under which gazprom has increased its share in european gas trading and storage companies wingas, wieh, and wiee to 100 %. Asset swap with wintershall holding gmbh on 30 september 2015 pjsc gazprom and wintershall holding gmbh completed the asset swap which was initially agreed in december 20. Basf, gazprom renew abandoned assetswap plan marketwatch. Gazprom and wintershall sign agreement on closing asset. The development of the two deposits will be carried out by wintershall and gazprom jointly. As a result of the deal, gazprom increased its share in european gas trading and storage companies wingas, wieh and wiee to 100 per cent as well as received a 50 per cent stake in winz involved in hydrocarbon exploration and production in the north sea.
Sep 04, 2015 gazprom and basf agree on asset swap published in oil industry news on friday, 4 september 2015 germanys basf, and its subsidiary wintershall, and russias gazprom have agreed to complete the swap of assets with equivalent value signed in december 20 and originally intended to be completed by the end of 2014. Ludwigshafen, germany and moscow, russia december 23, 20 today in moscow, basf and gazprom signed the final agreement to swap assets of equivalent value. Wingas, wieh and wiee are joint ventures of gazprom and wintershall. Basf, gazprom in asset swap deal november 14, 2012 dr. With the swap, wintershall will further expand its production of oil and gas and will exit the gas. Basf and gazprom revive asset swap agreement financial times. The gas asset swap between basf oil and gas subsidiary wintershall and russian gas giant gazprom will include a cash component previously undisclosed, according to a report by the russian interfax news agency. From now on, the gas trading companies wingas, wieh, wiee as well as the storage operator astora are an entirely part of the gazprom group.
The legally binding document provides for major terms and conditions for the asset swap deal under the project for joint development of the achimov deposits in the urengoy oil, gas and condensate field. Cleary gottlieb represented gazprom in a complex asset swap transaction with wintershall, a subsidiary of basf, pursuant to which wintershall will receive 25% plus one share in the development of blocks iv and v of the achimov formation of the urengoy gas field in western siberia, while gazprom will i increase its participation from the current 50% to 100% in the gas trading and storage. Baltic sea, nord stream, gazprom, russia, germany, sweden. As a result of the deal, gazprom has increased its share in european gas trading and storage companies wingas, wieh and wiee to 100 per cent. The asset swap basf and gazprom first announced in 2012 is now set to be completed by the end of 2015, a year behind the initial schedule. The company has been focused on oil and gas exploration and production for over 80 years. Efficiency and effectiveness pay off at wintershall. Wingas was established in 1993 by basf subsidiary wintershall and gazprom. Alexey miller, chairman of the gazprom management committee and kurt bock, chairman of the basf board of executive directors signed at the gazprom headquarters today a basic agreement on asset swap. The completion of the asset swap is expected by the end of 2015 and will be financially retroactive to april 1, 20.
Gazprom and wintershall complete asset swap rogtec. Basf and gazprom agree on asset swap digitalrefining. With the swap, basf is further expanding its production of oil and gas and has exited the gas trading and storage business. Basf and gazprom have completed the swap of assets with equivalent value effective at the end of september 30, 2015, financially retroactive to april 1, 20. Yesterday in moscow, basf and gazprom signed the final agreement to swap assets of equivalent value. Gazprom and wintershall sign asset swap agreement gazprom. Gazprom swaps siberian fields for basf gas trading and.
Wintershall has been the preferred partner of gazprom for. It has also received 50 %in winz, which is involved in hydrocarbon exploration and production in the north sea. The completion of the transaction is expected to take place mid2014 and will be economically. Gazprom will become more active in the natural gas trading and. Nov 03, 2015 wintershall will now hold 25 percent of the gas operations at the urengoy field. At the same time omv agreed to enter exclusive talks with gazprom over a separate.
This was primarily attributable to the asset swap with russian company gazprom executed at the end of september 2015. With the asset swap agreed by basf and gazprom in 2015, wingas, and thus wintershall s entire natural gas trading activities, were transferred fully to russian ownership. Sep 14, 2015 the completion of the asset swap is expected by the end of 2015 and will be financially retroactive to april 1, 20. Gazprom agreed today that they will not complete the asset swap, which was planned for the end of the year. Ludwigshafen, germany and moscow, russia, september 4, 2015basf and gazprom have agreed to complete the swap of assets with equivalent value signed in december 20 and originally intended to be completed by the end of 2014. Gazprom agrees nord stream 2, asset swaps with eu partners. Gazprom, wintershall in assets swap deal offshore energy. In december 20, gazprom and wintershall holding gmbh signed a master agreement on the asset swap.
Russian gas giant gazprom and austrian energy group omv have signed a binding basic agreement on asset swap, under the terms of which gazprom will receive a 38. The deal was intended to be completed by the end of 2014. Wintershall and gazprom agree on second asset swap. Gazprom and basfwintershall celebrate 25 years of cooperation. Gazprom and basf wintershall have now completed the longplanned asset swap. In december 20 gazprom and wintershall signed a master agreement to swap assets. On 30 september 2015, gazprom and basf wintershall completed an asset swap deal under which gazprom increased its shareholding in wingas, wieh, and wiee to 100 % and received a 50 % stake in winz, a company involved in hydrocarbon exploration and production in the north sea. Basf and gazprom have agreed to complete the swap of assets with equivalent value signed in december 20 and originally intended to be completed by the end of 2014. According to the development plan, the total hydrocarbon reserves in the two sections is 274 billion cubic meters of natural gas and 74 million tons of condensate, which is equivalent to 2. On, french utility company engie, and britishdutch royal dutch shell, has a 10. News release basf and gazprom sign asset swap agreement basf subsidiary wintershall to increase oil and gas production and exit gas trading and storage business completion of the transaction expected mid2014 ludwigshafen, germany and moscow, russia december 23, 20 today in moscow, basf and gazprom signed the final. Wintershall will receive stakes in two west siberian gasfields. The acquisition of additional stakes in the russiangerman companies is a part of the agreement between gazprom and wintershall on asset swap under the project for the joint development of the achimov deposits in the urengoyskoye oil, gas and condensate field.
Interfax said the german partner will make an additional payment for the assets received. With the swap, basf will further expand its production of oil and gas and will exit the gas trading and storage business. The legally binding document provides for major terms and conditions for the asset swap deal under the project for joint development of the achimov deposits in the urengoy oil, gas and. Gazprom and omv agree on asset swap in russia and norway.
The deal approved by the european commission at the beginning of december 20 was put on ice at the end of 2014 as tension over ukraine reached its height. Gazprom and wintershall complete asset swap rt business. Wintershall, gazprom in asset swap deal october 28, 2011 today october 28, 2011 a framework agreement which sets out the terms for the planned asset swap to further expand the successful cooperation has been signed in ludwigshafen by alexey miller, chairman of the management committee of oao gazprom, and dr. In december 20, wintershall and gazprom agreed an assets swap which made wingas a wholly owned subsidiary of gazprom. In return, gazprom will receive wintershall s share in their jointly run natural gas trading and storage business, which includes a 50% interest in gas trading firms wingas, wieh and wiee. September 4, 2015 basf unit, wintershall and gazprom have agreed to complete the swap of assets with equivalent value signed in december 20 and originally intended to be completed by the end of 2014. Gazprom in complex asset swap transaction with basfwintershall. Basf and gazprom agree to asset swap 942015 moscow basf and gazprom have agreed to complete the swap of assets with equivalent value signed in. Binding basic agreement signed 3 omv group, asset swap between omv and gazprom, december 14, 2016 omv to receive a 24. Sep 04, 2015 basf and gazprom revive asset swap agreement. Basf, gazprom in asset swap deal offshore energy today.
As part of the eastern economic forum, alexey miller, chairman of the gazprom management committee and kurt bock, chairman of the basf board of executive directors signed today in vladivostok an agreement on closing the asset swap deal between gazprom and wintershall holding. Income from operations ebit before special items declined. Finalizing the original asset swap deal had proved problematic, not least due to norwegian concerns over the arrangement. In an asset swap deal in return basf will get more oil and gas production from russias western siberia. Russias gazprom abandons norwegian asset swap deal with. Germanys basf, and its subsidiary wintershall, and russias gazprom have agreed to complete the swap of assets with equivalent value signed in december 20 and originally intended to be completed by the end of 2014. Urengoy russia, which is operated jointly with gazprom for the production. As a result of the deal, gazprom increased its share in european gas trading and storage companies wingas, wieh and wiee to 100 per cent as well as received a 5. Basf, gazprom cancel gas asset swap as russian crisis. Gazprom and wintershall holding completed the asset swap. Basf and gazprom agree to complete asset swap basf subsidiary wintershall to focus on oil and gas exploration and production and exit gas trading business completion of transaction expected by the end of 2015 ludwigshafen, germany and moscow, russia september 4, 2015 basf and gazprom have agreed to complete the swap of assets with. In 2015, gazprom and basf wintershall closed the asset swap deal, according to which gazprom increased its share in wingas, wieh, and wiee to 100%, as well as received a 50% stake in winz, a company involved in hydrocarbon exploration and production in the north sea. Wingas, wieh and wiee are joint ventures of gazprom and wintershall holding.
The pipeline network, which is over 2,400 kilometers long, is now operated by the subsidiary gascade formerly wingas transport. Wintershall dea gmbh group interim financial statements 30 june. Apr 01, 2016 when it signed the first contract on the asset swap in september, omv also agreed to take a 10% stake in a 10billion euro gazprom led gas pipeline project across the baltic sea. Asset swap is an acquisition of assets of the company in exchange of cash or shares of acquiring. Wintershall and gazprom swap gas upstream, storage and. Through the asset swap, wintershall, a 100% subsidiary of basf, would have transferred the jointly operated natural gas trading and storage business to gazprom. Working meeting with basf and wintershall gazprom ep. The decision taken by the european commission is indispensable for securing the deal. With the asset swap agreed by basf and gazprom in 2015, wingas, and thus wintershalls entire natural gas.
Wintershall enters ghasha concession in abu dhabi, the largest gas and. Gazprom welcomes european commissions decision to approve. In november 2012 gazprom and wintershall holding signed a binding heads of agreement to swap assets. Gazprom and wintershall plan to jointly develop two blocks of the urengoi natural gas field in. Basf, gazprom renew abandoned assetswap plan published. Gazprom and wintershall sign master agreement to swap assets. Wintershall 1894 wintershall founded potash and rock salt mining 1930 entry into oil production 1950 first steps towards production of natural gas 1969 100% subsidiary of basf 1990 cooperation with gazprom 1993 wingas founded 1999 divestment of refinery activities 2002 acquisition of clyde netherlands b. Gazprom and wintershall complete asset swap rt business news. Dec 18, 2014 the asset swap with basf would have given gazprom full control of a jointly operated european gas trading and storage business, including the biggest underground gas storage facility in western. Basf said the two companies chief executives on wednesday signed the agreement to swap assets of equivalent value. Ludwigshafen, germany basf and gazprom have completed an asset swap, which will allow wintershall, a wholly owned basf subsidiary. Basfs wintershall and gazprom agree on oil and gas asset swap. Ludwigshafen, germany and moscow, russia september 4, 2015 basf and gazprom have agreed to complete the swap of assets with equivalent value signed in december 20 and originally intended to be completed by the end of 2014.
With this step, we are further developing our more than 20 year partnership. Wintershall holding gmbh is a whollyowned subsidiary of basf. The asset swap is consistent with our strategy to expand the exploration and production of crude oil and natural gas through organic growth and targeted acquisitions, said dr. Basf and gazprom complete asset swap ocean energy resources. In december 20, gazprom and wintershall signed a master agreement to swap assets. First ever gas auction on gazprom export platform page 6 nord stream 2. Thanks to cost optimization and the asset swap with gazprom, we were able to reduce investments on the previous year by around 700 million euros, mehren said. Xe said wednesday it has agreed with russias gazprom oao gazp. Through the swap, the basf subsidiary wintershall will further expand its production of oil and gas and exit the gas trading and storage business. Since 25 october 2007, wintershall owned 50% plus one share, while gazprom s stock is 50% less one share. Gazprom and wintershall sign agreement on closing asset swap deal. With the swap, basf will further expand its production of oil and gas and will exit the gas trading and storage. Norways energy ministry earlier this year said that gazprom owning gas assets in the norwegian offshore could bring into question europes security of supply given russias already dominant role in gas supply to europe.
Gazprom agreed an asset swap with germanys basf that industry analysts said will likely help the russian gas giant avoid a repeat of winter supply disruptions that have occurred in recent years. Wintershall holding gmbh, based in kassel, is germanys largest crude oil and natural gas. Basf and gazprom complete asset swap basf subsidiary wintershall focuses on oil and gas exploration and production ludwigshafen, germany and moscow, russia october 1, 2015 basf and gazprom have completed the swap of assets with equivalent value effective at the end of september 30, 2015, financially retroactive to april 1, 20. Basf and gazprom swap assets in a strategic move basf runs into upstream while gazprom goes west on november 12th, 2012, the german chemical company basf and the russian gazprom signed a binding basic agreement to swap assets estimated of the same value. Gazprom would have also received a 50% share in the. The swap also gives the russian giant a 50% stake in wintershall s nordzee b.
Gazprom and wintershall sign basic agreement on asset swap. Russias gazprom, a global energy company, and germanys largest internationally active crude oil and natural gas producer, wintershall holding, have completed the swap of assets with equivalent value effective at the end of september 30, 2015, financially retroactive to april 1, 20 as a result of the deal, gazprom increased its share in european gas trading and storage companies. Basf and gazprom complete asset swap ba sf subsidiary wintershall focuses on oil and gas exploration and production ludwigshafen, germany and moscow, russia october 1, 2015 basf and gazprom have completed the swap of assets with equivalent value effective at the end of september 30, 2015, financially retroactive to april 1, 20. Page gas hubs in asia will hardly be unambiguous and predictable page 22 blue fuel october 2015 vol. Basf and gazprom signed the final agreement to swap assets of equivalent value. Further to this, on 4 september 2015, it was announced that wintershall and gazprom had again agreed to complete the swap of assets. The completion of the transaction is expected to take place mid2014 and will be economically effective retroactively to. Basf gazprom gas asset swap bsmac the bocconi students.
The swap also gives gazprom a 50% share in wintershall s nordzee b. Nov 14, 2012 basf, gazprom in asset swap deal zoom dr. Oct 01, 2015 gazprom takes complete control of wingas, wieh and wiee gas storage companies in europe as well as 50 percent of winz that explores and produces hydrocarbons in the north sea. October 01, 2015 gazprom and wintershall close asset swap pao gazprom and wintershall holding gmbh have closed asset swap as a result of the deal, gazprom has increased its share in european gas trading and storage companies wingas, wieh and wiee to 100 per cent.
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