Gazprom, Wintershall to Swap North Sea, Siberia Assets

MOSCOW (Dow Jones Newswires), Oct. 28, 2011

Russian gas giant Gazprom has signed a framework agreement with Wintershall Holding GmbH, a unit of BASF, to swap Siberian assets for a stake in the German company's North Sea projects, Gazprom said Friday.

Under the deal, Gazprom will get a 50% stake in Wintershall's North Sea operations, while Wintershall will take 25% plus one share in the development of two gas fields in the Urengoi region of Siberia.

The two companies signed a memorandum of understanding of the share swap in March this year.

Gazprom and Wintershall already operate Achimgaz, a 50/50 joint venture in Urengoi.

Copyright (c) 2011 Dow Jones & Company, Inc.

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