BASF & GAZPROM DEAL
German chemicals group BASF and Gazprom agreed to revive a deal that collapsed in late 2014 to swap gas assets that will see BASF exit gas trading and storage and the Russian energy giant expanding into Western Europe, BASF said on Friday.
BASF said the surprise deal would be based on conditions already agreed to by the two firms in 2013 and would conclude by the end of 2015.
The two firms abandoned the swap agreement in late 2014 after companies across Europe suffered under tensions between Moscow and the West, particularly due to the conflict in Ukraine.
The swap deal gives Russia greater access to gas trading and storage in Germany, in return for BASF's oil and gas unit Wintershall getting more stakes in Siberian gas fields.
Wintershall will transfer a jointly operated natural gas trading and storage business fully to Russian state-controlled gas producer Gazprom. Gazprom will receive a 50 percent share in Wintershall Noordzee B.V., which explores for and produces oil and gas in the North Sea.
|December, 13, 12:40:00|
|December, 13, 12:35:00|
|December, 13, 12:30:00|
|December, 13, 12:25:00|
|December, 13, 12:20:00|
|December, 13, 12:15:00|
PENNENERGY - Germany's Siemens says it has signed contracts worth some 700 million euros ($824 million) to build two gas-powered electricity plants in Libya.
WNN - Construction of the Iter fusion reactor, being built at Cadarache in the south of France, is now 50% complete, the Iter Organisation has announced. The reactor - construction of which began in 2010 - is scheduled to achieve first plasma in 2025.
REUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $57.14 a barrel at 0418 GMT, down 22 cents, or 0.4 percent, from their last settlement. Brent crude futures LCOc1, the international benchmark for oil prices, were down 25 cents, or 0.4 percent, at $63.15 a barrel.
PLATTS - Taking into account the nominated volume for Friday, Gazprom will have exported 179.8 Bcm to what it calls the Far Abroad -- Europe and Turkey, but not the countries of the former Soviet Union -- higher than last year's then record high of 179.3 Bcm.