The launch of Yuzhno-Russkoe field of gas condensate, Yamal-Nenets Autonomous Area
Photo: Vasily Shaposhnikov
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Gazprom Led Germans to Yuzhno-Russkoe
Russia’s Gazprom and German BASF have completed the deal on the asset swap under the Yuzhno-Russkoe project without waiting for E.On to join the undertaking. As a result, Gazprom got 50 percent in German Wingas gas trader and 49 percent in Wintershall that produces hydrocarbon in Libya. BASF is forecasted to annually generate $2 billion from its share in Yuzhno-Russkoe starting from 2009.
From the Moscow headquarters of Gazprom, Russia’s First Deputy Prime Minister and Gazprom BOD Chairman Dmitry Medvedev and German Vice Chancellor, Foreign Minister Frank-Walter Steinmeier inaugurated December 18, 2007 Yuzhno-Russkoe field of gas condensate in Yamal-Nenets Autonomous District of Russia. Yuzhno-Russkoe reserves are estimated at 1 trillion cu meters of gas.
In the next effort, Gazprom CEO Alexei Miller and BASF CEO Juergen Hambrecht inked the certificate on the asset swap in the Yuzhno-Russkoe project.
Far back in the spring of 2006, the parties entered into the agreement, which provided for Gazprom’s extension in Wingas GmbH to 50 percent less a stock. In the end, the monopoly also got 49 percent in Wintershall AG. BASF received 25 percent less a common stock in Severneftegazprom (license holder for Yuzhno-Russkoe development) and a preferred stock, which has no voting right but equals to 10 percent in the project. Therefore, BASF may add roughly 35 percent of Yuzhno-Russkoe reserves to the balance.
German E.On was expected to emerge as the third partner, but the parties failed to agree on the deal.
www.kommersant.com
All the Article in Russian as of Dec. 19, 2007
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