Gazprom and Wintershall Holding - a wholly owned subsidiary of BASF - completed an asset swap, with around $2 billion worth of assets changing hands.
As part of the deal, Wintershall received the economic equivalent of 25.01% of blocks IV and V in the Achimov formation of the Urengoy natural gas and condensate field in Western Siberia. In return, Gazprom increased its share in European gas trading and storage companies Wingas, Wintershall Erdgashandelshaus Berlin and Wintershall Erdgashandelshaus Zug from 50% to 100% and acquired a 50% stake in Wintershall Noordzee, which is involved in hydrocarbon exploration and production in the North Sea.
At the time of closing, this was both the largest inbound and the largest outbound Russian investment since the beginning of the Ukraine crisis in early 2014.