Gazprom, BASF Abandon Multibillion Dollar Energy Asset Swap – 19 December 2014

Russia’s gas monopoly Gazprom and Germany’s chemical giant BASF have scrapped a multibillion dollar asset swap deal amid the growing political tension between Russia and the West.

The decision was made together with the Russian gas major, said a representative of the German company, as quoted by the Wall Street Journal. This is despite earlier reassurances from BASF the deal would be finalized by the end of 2014.

At the time BASF stressed that it will continue cooperation with Gazprom in a joint venture with its subsidiary Wintershall.

The asset swap deal was approved by the European Commission on December 4, 2013. The companies planned to complete the transaction in mid-2014. As a result Gazprom would have taken 100 percent control of the joint companies WINGAS, WIEH and WIEE that sell and store gas in Europe.

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Gazprom, Naftogaz To Hold Urgent Talks As Kiev Prepares For Gas Imports Cut – 14 June 2014

Officials from Russia’s Gazprom and Ukraine’s Naftogaz are to hold an emergency meeting in Kiev for a last-ditch attempt to resolve their gas conflict. Earlier Kiev expected gas deliveries from Russia to be shut down on Monday.

“We are preparing a new meeting in Kiev in a format unlike our previous consultation,” Gazprom spokesman Sergey Kuprianov told ITAR-TASS.

“We are prepared to seek compromise, but pressuring us is useless. Our approaches to the accumulated load of problems have been voiced many times,” he added.

The meeting in the Ukrainian capital will also be attended by representatives from the European Commission, which is trying to mediate the gas negotiations.

Read the full story at: www.rt.com / link to original article