Our shareholders BASF/Wintershall and Gazprom have agreed to intensify their collaboration in shared upstream activities.
As part of this agreement, the hitherto jointly operated natural gas trade and storage business, including WINGAS, will be entirely transferred to our shareholder Gazprom. In return Wintershall will be given shares in Russian natural gas deposits. Wintershall wants to concentrate more on its core competence – exploration & production directly at the source. Provided that the supervisory authorities agree, this legally binding agreement shall be implemented by the end of 2013 with retroactive economic effect to 1 April 2013.
WINGAS, which has initiated and promoted competition in the German natural gas market since it was founded at the beginning of the 1990s by the BASF subsidiary Wintershall and Russia’s Gazprom, will in future be supported by a strong partner. Through the expansion of Gazprom’s commitment, WINGAS is now excellently equipped for the competition in the European natural gas market and gains whole new perspectives.
Gazprom wants to expand its sales operations with WINGAS and exploit the opportunities offered by the liberalised energy market. With the asset swap, Gazprom is underlining its considerable interest in and commitment to the liberalised European energy market, in which WINGAS already plays an important role.