Gazprom and BASF/Wintershall express appreciation for cooperation along entire value chain

RELEASE

A working meeting between Alexey Miller, Chairman of the Management Committee of Gazprom, and Hans-Ulrich Engel, Member of the Board of Executive Directors of BASF, Chairman of the Supervisory Board of Wintershall Holding, took place today at the St. Petersburg International Economic Forum 2017.

In the course of the meeting, the parties expressed their appreciation for the bilateral cooperation between the companies along the entire value chain. Among other things, the discussion centered on the joint hydrocarbon production efforts in Russia.

The meeting participants also touched upon the performance of Nord Stream, noting the increasing utilization thereof. Specifically, in 2016 the pipeline conveyed 12 per cent more gas than in 2015. The flow rate in the January–May period of 2017 climbed by 13.5 per cent compared to the same period of 2016.

Given the successful operation of the Nord Stream gas pipeline and the heightened demand for Russian gas in Europe, the parties emphasized the importance of implementing the Nord Stream 2 project.

Nord Stream and Nord Stream 2 gas pipelines
Nord Stream and Nord Stream 2 gas pipelines

Nord Stream and Nord Stream 2 gas pipelines

Background

BASF SE is the world's leading chemical company whose product portfolio includes oil and gas, chemicals, synthetics, and petroleum derivatives.

Wintershall Holding GmbH, a wholly-owned subsidiary of BASF, is Gazprom’s partner in hydrocarbon production (the Yuzhno-Russkoye oil, gas and condensate field and Blocks 1A, 4A and 5A in the Achimov formations of the Urengoyskoye oil, gas and condensate field) and transmission (Nord Stream).

Nord Stream is the export gas pipeline with the annual capacity of 55 billion cubic meters of gas running from Russia to Germany across the Baltic Sea. The project operator is Nord Stream AG (Gazprom – 51 per cent, Wintershall Holding and Uniper – 15.5 per cent each, and Gasunie and ENGIE – 9 per cent each).

Nord Stream 2 is the construction project for a gas pipeline with the annual capacity of 55 billion cubic meters from Russia to Germany across the Baltic Sea. The project is implemented by Nord Stream 2 AG, where Gazprom is the sole shareholder. On April 24, 2017, Nord Stream 2 AG, ENGIE S.A., OMV AG, Royal Dutch Shell plc, Uniper SE, and Wintershall Holding GmbH signed the financing agreements for the Nord Stream 2 project.

 

Related news