Russia will acquire Europe’s largest underground gas storage facility this autumn from Germany’s BASF, continuing the development of its Nord Stream operations. In return, the Germans will get access to large gas reserves in Western Siberia.
Gazprom and the Wintersall subsidiary of German chemical company BASF are putting the final touches to the asset swap, which will see Gazprom getting the facility in the small German town of Rehden, Deutsche Welle reported Wednesday.
The framework for the deal was signed in December 2013 and was approved by the European Commission. Both the EU and Russia say the deal will not be sidetracked by sanctions.