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28 May 2018

Gazprom and BASF discuss joint gas production and transmission projects

A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Martin Brudermueller, Chairman of the Board of Executive Directors of BASF, took place in St. Petersburg today.

The meeting covered a broad range of issues related to cooperation between the companies, including joint projects for hydrocarbon development in Russia.

Alexey Miller and Martin Brudermueller discussed the active Nord Stream gas pipeline. It was noted that the pipeline provided reliable supplies of Russian gas to thousands of companies and millions of households across Europe every day.

The parties paid particular attention to the implementation of the Nord Stream 2 project.

 

Background

BASF SE is a leader in the global chemical industry. The company’s portfolio includes oil and gas, chemicals, synthetics, and petroleum derivatives.

In 2015, Gazprom and BASF/Wintershall closed the asset swap deal. As a result, Wintershall obtained 25.01 per cent in the project for developing Blocks 4A and 5A in the Achimov formations of the Urengoyskoye field. Block A1 is developed by Achimgaz, a joint venture formed by Gazprom Dobycha Urengoy and Wintershall on equal terms.

Nord Stream is the export gas pipeline with the annual capacity of 55 billion cubic meters of gas running across the Baltic Sea from Russia to Germany. The pipeline is operated by the Nord Stream AG joint venture (Gazprom – 51 per cent, Wintershall and E.ON – 15.5 per cent each, and Gasunie and ENGIE – 9 per cent each). The first and second strings of Nord Stream were brought into operation in November 2011 and October 2012, respectively.

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.

 

Source: http://www.gazprom.com/press/news/2018/may/article432325

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