Gazprom, BASF to Promote Cooperation in International Energy Markets
OREANDA-NEWS. June 26, 2012. A working meeting took place today between Alexey Miller, Chairman of the Gazprom Management Committee and Kurt Bock, Chairman of the Board of Executive Directors of BASF as part of the St. Petersburg International Economic Forum – 2012.
The parties discussed the cooperation prospects in the energy sector placing an emphasis on the issues regarding the start of the trans-national South Stream gas pipeline construction as well as successful implementation of the Nord Stream project.
The meeting also looked at the possibility for BASF and Wintershall Holding to participate in oil and gas projects in Russia. In particular, the parties appreciated the Achimgaz JV performance in developing 1A block of the Achimov deposits in the Urengoyskoye field.
Based on the meeting results, Alexey Miller and Kurt Bock confirmed their intent to promote the intense cooperation of the companies in the international energy market.
BASF is the world's leading chemical company. Its business activities are performed along the following primary lines: production of chemicals, synthetic materials, plant protection products, as well as hydrocarbons extraction and transportation.
BASF and Wintershall Holding (wholly owned subsidiary of BASF) partner Gazprom in developing the Achimov deposits of the Urengoyskoye field and the Turonian gas of the Yuzhno-Russkoye field as well as executing the Nord Stream and South Stream projects.
In July 2003 Gazprom and Wintershall Holding set up the Achimgaz joint venture to develop the first pilot block of the Achimov deposits in the Urengoyskoye field.
In 2008 Achimgaz brought the block into pilot operation.