OREANDA-NEWS. July 05, 2011. The Gazprom headquarters hosted today a working meeting between Alexey Miller, Chairman of the Company's Management Committee, Dr. Kurt Bock, Chairman of the Board of Executive Directors of BASF, Dr. Harald Schwager, Member of the Board of Executive Directors of BASF and Dr. Rainer Seele, Chairman of the Board of Executive Directors of Wintershall Holding.

The meeting participants discussed the joint projects implementation and appreciated the preparations for the new joint project company's shareholders agreement within the South Stream project offshore part. This activity is related to the accession of the two new participants (Wintershall Holding and EDF) to the joint project company. Besides, the parties highlighted successful interaction in such areas as experience sharing and personnel training, sci-tech cooperation and petrochemistry.

As part of the negotiations the parties considered the opportunities for expanding the partnership between Gazprom and BASF/Wintershall Holding over a variety of promising energy businesses.
Background

BASF is the world's leading petrochemical company. Its operational activities are focused on the following segments: chemicals, plastics, crop protection products as well as hydrocarbons extraction and transportation.

Being a wholly owned subsidiary of BASF, Wintershall Holding operates in the power generation industry.

BASF and Wintershall Holding partner Gazprom in developing the Yuzhno-Russkoye oil and gas fieldand the first pilot block of the Achimov depositsin the Urengoy field as well as constructing the Nord Stream gas pipeline.

On March 21, 2011 Gazprom and Wintershall Holding signed a Memorandum of Understanding on the South Streamproject, providing for participation of Wintershall Holding in constructing the gas pipeline offshore part. The Memorandum identifies that Wintershall Holding will acquire a 15 per cent stake in the joint project company responsible for implementing the offshore part of the South Stream project while Gazprom will retain 50 per cent.