European Commission Approves Gazprom, Wintershall Asset Swap

European Commission Approves Gazprom, Wintershall Asset Swap

The European Commission approved the asset swap deal between Gazprom and Wintershall. The deal is supposed to increase Gazprom’s stakes in gas trading and storage companies of WINGAS Group to 100 per cent as well as in WIEH and WIEE – to 100 per cent. Gazprom will also receive a 50 per cent stake in WINZ, which runs natural gas exploration and production projects in the North Sea.

The decision taken by the European Commission is indispensable for securing the deal.

The acquisition of additional stakes in the Russian-German 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.

According to the document, Wintershall may acquire 25 per cent plus one share in the new joint venture for developing blocks 4A and 5A in the Achimov deposits of the Urengoyskoye field.

Upon completion of the deal, Gazprom will broaden its possibilities to store, transport and sale natural gas in Europe and Wintershall will have a wider access to gas production in Russia.

“We welcome the approval of this deal by the European Commission. This decision reflects the consent of the EU’s executive body with the fact that the deal complies with the European law without offending the competition policy in Europe,” said Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee.

LNG World News Staff, December 05, 2013; Image: Gazprom

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