Russian oil firm Gazprom has agreed a deal which will see it take a 50% stake in a German North Sea exploration and production firm.
The asset swap between Gazprom and BASF would see the Russian firm take the stake in Wintershall North Sea – a subsidiary of BASF which runs natural gas exploration and production projects in the southern North Sea.
Gazprom will also increase its stakes to 100% in gas trading and storage companies WINGAS Group, Berlin-based WIEH and WIEE of Switzerland.
In return, BASF will get access to the Achimov deposits in the Urengoy oil, gas and condensate field in west Siberia.
Pending regulatory approval, the no-cash transaction would be completed by the end of 2013, but the Berlin Economy ministry said it reserved the right to veto any decision.