OREANDA-NEWS. November 27, 2007. BASF AG and Gazprom have established Gazprom YRGM Trading within the Agreement on Share Swap between BASF and Gazprom in the authorized capital of Severneftegazprom.

Gazprom YRGM Trading will purchase gas produced in the Yuzhno-Russkoye field from Sevmorneftegaz and sell it in amount, which is proportional to a BASF AG stake in the field development project.

Pursuant to the Agreement on Share Swap Gazprom owns a 100 per cent of ordinary shares in Gazprom YRGM Trading, BASF AG holds one preferred share.

The Board of Directors includes three representatives of Gazprom and BASF, accordingly. Stanislav Tsygankov, Head Gazprom International Business Department was elected to the post of the Board of Directors Chairman of Gazprom YRGM Trading.