Gazprom and BASF follow through with cash free swap
BASF and Russian Gazprom plan to swap upstream assets in Russia for downstream assets in Europe
German chemicals giant BASF and Russian gas monopoly Gazprom are to complete their planned swap of upstream assets in Russia for downstream assets in Europe. The two agreed the cash-free deal in December 2013 but abandoned it late last year shortly before it was due for completion, with BASF chief executive Kurt Bock citing political difficulties. For example, western governments had earlier in the year applied sanctions on Russian individuals and companies – although not Gazprom – in retaliation for the secession of Crimea from Ukraine and the subsequent war in eastern Ukraine which they blamed on Moscow-backed intervention. And Gazprom was being investigated by the European Commission over
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