After the failure of a planned asset swap with its Russian partner OAO Gazprom, the plans of BASF SE, exit the low-margin gas trading business and … volatilize
From Sheenagh Matthews, Nicholas Comfort
(Bloomberg) – After the failure of a planned asset swap with its Russian partner OAO Gazprom, the plans of BASF SE, exit the low-margin gas trading business and to take a big step forward in the gas production evaporate. BASF SE announced on Thursday evening that they will not receive any shares in oil fields in Siberia in exchange for their share of a European gas trading joint venture.
This is one of the greatest failures for a German company in connection with the Russian crisis. With the transaction agreements covering investments in pipelines for fuel transport to Europe would have been connected.
“It’s not turned out as they thought the had, “says Ulle Wörner, an analyst at Landesbank Baden-Württemberg. “The developments of the last few months have not made it more likely, but I’m still surprised that it was completely canceled.”
BASF shares were at Friday at up to 3.2 percent and traded at 12.30 CET Clock 2.6 percent below the previous day. The downside since the beginning so that spread to eleven percent. Gazprom last traded 2.6 percent lighter.
“We regret that the asset swap is not completed. We will continue our more than 20 years of cooperation continue with Gazprom in our existing joint ventures, “CEO Kurt Bock is quoted in a press release. “Our strategy in the oil and gas business remains unchanged: We focus on profitable growth at the source in selected oil and gas-rich regions – Europe, North Africa, Russia, South America and the Middle East region ”
With the Asset Swap BASF wanted to get off the gas trade and to focus on the oil and gas production. CEO Kurt Bock had declared yet on December 4, the final the transaction with Gazprom is still scheduled to end, and only technical problems caused delays.
The Communication of Thursday BASF explained that the goal of EBIT before special items ” slightly above the level of 2013, ” appearing ” still available ”. BASF is now based on a ” light ” EBIT increase after a ” significant ” increase was expected before. The cancellation of the transaction would lead to expenses of 211 million euros this year and retroactive cost of 113 million euros for-2013.
It is the second setback for BASF in connection with the deterioration of European-Russian relations during this month. On 2 December, Russian President Vladimir Putin had declared that the South Stream pipeline project would be set under the Black Sea. The oil and gas subsidiary of BASF had a 15-percent stake in the offshore part of the pipeline.
The natural gas trading business will continue as a 50/50 joint – venture between BASF and Gazprom out, and Wintershall Noordzee BV remains at 100% in the BASF Group, said in the release.
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