Russian oil giant Gazprom will now up its stake in European gas trading and storage companies WINGAS, Wintershall Erdgas Handelshaus and Wintershall Erdgas Handelshaus to 100% as well as receiving a 50% stake in Wintershall Noordzee, which is involved in North Sea development.
In return, Germany-based Wintershall will take a 25.01% interest in the project developing blocks 4A and 5A in the Achimov deposits of the Urengoyskoye oil, gas and condensate field.
The deal was approved by the European Commission after the companies signed a binding heads of agreement in November 2012.
Gazprom chairman Alexey Miller said the demand for Russian natural gas was growing in Europe.
“An increase of Gazprom's presence in the wholesale market as well as a potential outreach to retail...
