The largest West European gas storage facility will become Gazprom’s property

The largest West European gas storage facility will become Gazprom’s property. Within the transaction between Gazprom and BASF, the Russian side will get in property 3 European underground gas storage facilities and the German side will participate in development of a large gas deposit in Siberia. The largest West European gas storage facility in Reden, Lower Saxony will become Gazprom’s property this autumn, as planned. Wintershall, a BASF’s subsidiary confirms this information. The agreement with Gazprom presupposing transfer of the gas storage facilities under the Russian control does not fall under the sanctions imposed by the European Union to Russia in connection with the Ukrainian crisis. Transfer of the underground gas storages to Gazprom was a part of the large transaction for assets exchange between BASF and Gazprom closed in December 2013 and agreed by the EC then.