Gazprom and BASF look into joint projects
A meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Kurt Bock, Chairman of the Board of Executive Directors of BASF took place yesterday as part of the St. Petersburg International Economic Forum 2013.
The parties discussed the cooperation deepening in the energy sector, giving consideration to the prospects for entering into joint projects in Russia and third countries, inter alia, as part of the Asset Swap Agreement between Gazprom and Wintershall.
The meeting participants mentioned the efficient development of 1A block of the Achimov deposits in the Urengoyskoye field and the Turonian gas extraction from the Yuzhno-Russkoye field as a successful example of the bilateral cooperation.
Special attention was paid to the interaction between the companies as part of the South Stream and Nord Stream projects.
The parties shared the opinion that the timely execution of gas transmission projects on the back of the anticipated gas demand growth in Europe guaranteed stable and reliable gas supplies to the continent in the long run.
BASF is the world's leading chemical company. Its major business lines are production of chemicals, synthetic materials and plant protection products as well as extraction and transportation of hydrocarbons.
BASF and Wintershall Holding (a wholly-owned subsidiary of BASF) are Gazprom's partners in developing the Achimov deposits of the Urengoyskoye field and the Turonian gas resources of the Yuzhno-Russkoye field as well as in executing the Nord Stream and South Stream projects.
Being a wholly-owned subsidiary of BASF, Wintershall Holding operates in the energy sector. Gazprom and Wintershall Holding set up the following joint ventures: WINGAS, WIEH and WIEE.