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Gazprom to buy stake in Wintershall's Argentinian asset

July 01, 2014, 13:40 UTC+3 MOSCOW
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MOSCOW, July 01. /ITAR-TASS/. Russian gas giant Gazprom will sign an agreement on the purchase of an Argentinian gas asset from Germany’s Wintershall during President Vladimir Putin’s visit to Buenos Aires on July 12-13, business daily Vedomosti reported on Tuesday quoting sources.

The deal can be part of an asset swap between Gazprom and German concern BASF, which owns Wintershall, another source said. In 2012, Gazprom and Wintershall signed a framework agreement on the asset swap.

According to the agreement, Wintershall acquires a 25% plus one share stake in the development of the fourth and the fifth blocks of stranded gas deposits on the Urengoiskoye gas field with an option of increasing the stake to 50%. Gazprom, in turn, is to increase its stake in joint trading, storing and extracting assets in the EU.

Wintershall owns stakes in 15 oil and gas fields in Argentina with a total annual output of 26 million barrels of oil equivalent.

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