Gazprom Gains BASF Gas Traders in Swap for Russian Output
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OAO Gazprom plans to take over BASF SE’s natural gas trading and storage in Europe and gain North Sea assets as the Russian export monopoly seeks to defend its share of the market against mounting competition.
Under a swap deal signed today, Gazprom will gain full ownership of trading ventures now held equally with BASF’s Wintershall AG unit, including storage in Germany and Austria, the companies said. BASF will add stakes in Siberian projects as it expands its oil and gas production to bolster the world’s largest chemical business.