Gazprom YRGM Trading will purchase the gas produced in the Yuzhno-Russkoye field and will sell it in an amount that is proportional to BASF’s stake in the field development project. Pursuant to the share swap agreement, Gazprom owns 100% of the ordinary shares in the new company, while BASF holds one preferred share.
The board of directors includes three representatives of Gazprom and BASF. Stanislav Tsygankov, head of Gazprom’s international business department, was elected to the post of the chairman of the board of directors for the new company.
According to the agreement, Gazprom increased its stake in the authorized capital of Wingas up to 50% minus one share. In turn, BASF acquired a 25% stake minus one voting share and one share without voting rights, which is equivalent to a 10% stake in the project.
During the closing of the deal, the Gazprom group will receive a 49% stake in Wintershall’s authorized capital. Severneftegazprom, Gazprom’s 100%-owned subsidiary, is the license owner for hydrocarbon exploration, development and production in the Yuzhno-Russkoye gas condensate field. The proven reserves of the gas field exceed 600 billion cubic meters.
