Russia: Gazprom to Receive Stake in Wintershall’s Projects in the North Sea

Alexander Medvedev, Deputy Chairman of the Management Committee of OAO Gazprom, and Dr. Hans-Ulrich Engel, Board member of BASF, responsible for the Oil & Gas Division, signed in St. Petersburg a Memorandum which foresees possible development on a parity basis of two additional sites of the Achimov deposits of the Urengoy field.

The document also stipulates Gazprom will receive equivalent stakes in the Wintershall’s exploration and production projects in the North Sea.

“Constructive partnership between Gazprom and Wintershall allows us to embark on projects most ambitious from the technological point of view. Together with our German colleagues, we are ready to expand gas production at Achimov deposits of the Urengoy field, and also cooperate in the Wintershall’s production projects for a common benefit,” Alexander Medvedev said.

“Wintershall and Gazprom joint production at Achimov deposits is an embodiment of our long-standing successful cooperation model noted for working in the spirit of partnership and complementing each other’s advantageous qualities through all the value chain,” Dr. Hans-Ulrich Engel said.

BASF SE is one of the largest gas, oil and petrochemical companies in the world. Its core business involves a whole range of products: chemical agents, plastics, synthetic products, plant-protecting agents, as well as the production and shipment of hydrocarbons.

Wintershall Holding GmbH is a wholly owned subsidiary of the BASF group, focused on energy. Gazprom and Wintershall have set up joint ventures: WINGAS and WIEH.

BASF SE and Wintershall Holding GmbH are partnering OAO Gazprom in the development of the Yuzhno-Russky oil and gas field, in the testing of industrial use of the Block 1A of the Achimov deposits in the Urengoy field, as well as cooperating in the construction of the Nord Stream pipeline.

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Source: Gazprom , March 11, 2011;