Germany's BASF, Gazprom call off asset swap planned for the end of this year

IndustriesAssociated Press

Germany's BASF SE says it has agreed with Russian gas company Gazprom to call off an asset swap that the two firms had planned for the end of this year.

BASF didn't immediately give a reason for Thursday's decision.

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Russia is currently facing a raft of sanctions from the European Union and the U.S. over its actions in Ukraine.

The planned swap would have seen BASF subsidiary Wintershall transfer a jointly operated natural gas trading and storage business to Gazprom. In addition, Gazprom would have got a 50 percent share in the activities of a unit that explores for and produces oil and gas in southern areas of the North Sea.

In return, Gazprom and Wintershall were to develop jointly two additional blocks at a gas field in Siberia.