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BASF to pay $50 mln compensation to Gazprom - company

February 26, 16:30 UTC+3 BERLIN
The compensation will be paid within the framework of the asset swap agreement made by the Russian gas holding with BASF’s subsidiary Wintershall
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© AP Photo/Kai-Uwe Knoth

BERLIN, February 26. /TASS/. Germany’s BASF chemical manufacturer will pay a $50 mln compensation to Gazprom within the framework of the asset swap agreement made by the Russian gas holding with BASF’s subsidiary Wintershall, the German energy company said in its 2015 report.

"Since the transaction has a reverse economic effect against April 1, 2013, BASF will pay compensation estimated at $50 mln to Gazprom," BASF said.

Gazprom and German’s Wintershall completed the asset swap agreement last October. Gazprom increased its stake to 100% in European gas trading and storage companies WINGAS, WIEH and WIEE, and acquired 50% in WINZ engaged in hydrocarbons production and exploration in the North Sea. Wintershall in its turn received 25.01% in the exploration and development project of Achimov Blocks 4A and 5A of Urengoi oil and gas condensate field.

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