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BASF FALL ON RETREAT FROM GAZPROM DEAL

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BASF FALL ON RETREAT FROM GAZPROM DEAL

Dec 19 2014, 3.40pm GMT

STOCK.com

BASF shares fell on the news that they will halt the energy deal with Gazprom.

The energy swap agreed by the two companies back in 2012 has been closed due to political tension between the companies’ homelands – Germany and Russia – over western sanctions on Russia regarding Ukraine.

BASF shares slipped from 70.71 to 68.34 within half an hour of trading.

The deal was to swap assets with BASF giving Gazprom control of a large facility at present jointly operated that includes a vast trading and storage business. This is part of a bigger picture for Gazprom to set up in Europe’s downstream industry. In return Wintershall, a subsidiary of BASF would have taken stakes in two west Siberian gasfields.

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BASF on STOCK.com

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