Russia’s Gazprom, Germany’s BASF ink asset swap dealNovember 14, 2012 - 22:08 AMT PanARMENIAN.Net - Russian energy giant Gazprom and Germany’s BASF have signed a basic agreement on an asset swap as part of a project for joint development of the Achimov deposits in Western Siberia, the companies said on Wednesday, November 14, according to RIA Novosti. The legally binding basic agreement to swap assets of equivalent value was signed by Gazprom CEO Alexei Miller and Chairman of the BASF Board of Directors Kurt Bock. A final agreement is expected to be made in 2013. Under the deal, Wintershall, the wholly-owned oil and gas subsidiary of BASF, will receive 25 percent plus one share in the new joint venture on developing blocks IV and V in the Achimov deposits of the Urengoy field with the option of increasing the share in the two gas and condensate deposits to 50 percent Blocks IV and V have total hydrocarbon resources of 274 billion cubic meters of natural gas and 74 million metric tons of condensate, which is equivalent to a total of 2.4 billion barrels of oil equivalent. Production is expected to begin in 2016. In return, Wintershall will transfer the currently jointly-operated natural gas trading and storage business to Gazprom, which will receive a 50 percent stake in Wintershall Noordzee B.V., which runs natural gas exploration and production projects in the North Sea, and increase its stakes in gas trading and storage companies of Wingas Group, and also in WIEH and WIEE (Wintershall Erdgas Handelshaus) to 100 percent. Top stories Azerbaijani President Ilham Aliyev arrived in Moscow on April 22 to hold talks with Russian counterpart Vladimir Putin. Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". Partner news | Macron honors Charles Aznavour on 100th anniversary French President Emmanuel Macron has paid tribute to the memory of French-Armenian crooner Charles Aznavour. Blinken says U.S. reviewing a number of aid requests from Armenia He said the U.S. is reviewing the requests to determine what more it can do to increase its assistance to Armenia. At least 2 CSTO members participated in preparing 44-day war against Armenia – PM Nikol Pashinyan has declared that at least two CSTO member countries participated in preparations for the 44-day war against Armenia. Armenia PM meets Iran’s Supreme Leader in Tehran Prime Minister Nikol Pashinyan had a meeting with Supreme Leader of the Islamic Revolution Seyyed Ali Khamenei |