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Wintershall to keep investing in Russian projects despite difficult political situation

December 19, 2014, 19:34 UTC+3 BERLIN
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BERLIN, December 19. /TASS/. Germany’s Wintershall, a subsidiary of the BASF chemical company, will continue its geological exploration and production operations in Russia, in particular, investment in expanding production at Achimov deposits, despite the current difficult political situation, the company told TASS.

Wintershall said its joint ventures in Russia produce overall 28 billion cubic meters of natural gas annually, which is enough to provide for about one-fourth of all households in Germany.

It said the asset swap deal with Russian state-controlled energy giant Gazprom was canceled due to a complicated political situation.

But the German company said relations with Russian colleagues should be continued because both companies make a considerable contribution to ensuring Europe’s energy supply.

In December 2013, Gazprom and Wintershall signed an asset exchange agreement, in line with which Gazprom was to have increased its stake in joint gas trade and storage companies in Europe WINGAS, WIEH and WIEE to 100%, as well as receive 50% in the WINZ company exploring and producing hydrocarbons in the North Sea.

Wintershall, in turn, was to have received 25.01% in a project to develop and explore blocks 4A and 5A of the Achimov deposits of the Urengoi oil, gas and condensate field. The deal cancelation was announced December 18, 2014.

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