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Tuesday, 02 December, 2008, 22:10 GMT | more >>

Gazprom, BASF to join forces



By Upstream staff 

Russian gas giant Gazprom and the energy unit of Germany's BASF will announce a deal ttoday that will see the pair develop the vast Yuzhno-Russkoye gas field in western Siberia, German media has reported.

Quoting German government sources, business daily Handelsblatt said BASF's Wintershall unit would co-operate with Gazprom to develop the vast Yuzhno-Russkoye field and both companies would take a stake in a gas pipeline through the Baltic.

BASF Wintershall and Gazprom will hold a joint news conference today as part of a German-Russian business meeting in Hanover to be attended by German Chancellor Gerhard Schroder and Russian President Vladimir Putin.

As part of the deal, Gazprom will lift its stake in Wingas, the gas marketing company it owns jointly with Wintershall, to 35%, in line with its aim of boosting its gas distribution activities in Europe, Handelsblatt said.

The Yuzhno-Russkoye field, estimated to cost around 1 billion euros ($1.28 billion) to develop, is expected to start production in 2007.

German utility E.ON, which owns a 6.5% stake in Gazprom, is also involved in the Yuzhno-Russkoye project.


Monday, 11 April, 2005, 02:39 GMT  | last updated: Wednesday, 27 April, 2005, 15:58 GMT

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