Russian gas giant Gazprom has signed a framework agreement with Wintershall Holding GmbH, a unit of BASF, to swap Siberian assets for a stake in the German company’s North Sea projects, Gazprom said Friday.
Under the deal, Gazprom will get a 50% stake in Wintershall’s North Sea operations, while Wintershall will take 25% plus one share in the development of two gas fields in the Urengoi region of Siberia.
The two companies signed a memorandum of understanding of the share swap in March this year.
Gazprom and Wintershall already operate Achimgaz, a 50/50 joint venture in Urengoi.
