Germany's BASF, Russia's Gazprom revive gas asset swap that was scrapped last year

Germany's BASF SE is reviving a planned asset swap with Russian gas company Gazprom that was called off last December.

BASF said Friday that the two companies have agreed to complete the asset swap by the end of this year. It will be financially retroactive to April 2013. The swap had already received European Commission clearance at the end of that year.

The swap will see BASF subsidiary Wintershall transfer its share in a jointly operated natural gas trading and storage business to Gazprom. In addition, Gazprom will get 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 will develop two additional blocks at a gas field in Siberia.