OREANDA-NEWS. A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Kurt Bock, Chairman of the Board of Executive Directors of BASF took place today within the Eastern Economic Forum in Vladivostok.

The parties considered the outlook for the future cooperation between the companies across a broad spectrum of areas. An emphasis was placed on further implementation of the Nord Stream II project. It was mentioned that the participation of energy majors in the construction of the gas transmission route would secure its maximum efficiency.

In addition, Alexey Miller and Kurt Bock discussed important issues related to the joint development of the Urengoy and the Yuzhno-Russkoye fields.

The meeting also addressed the closing of the asset swap deal between the companies in the near future.

BASF is the world’s leading chemical company. Its major business lines are production of chemicals, synthetic materials and plant protection products as well as extraction and transportation of hydrocarbons.

BASF and Wintershall Holding partner Gazprom in developing the Yuzhno-Russkoye field and the Achimov deposits of the Urengoyskoye field as well as within the Nord Stream project.

Running from Russia to Germany under the Baltic Sea, Nord Stream is an export gas pipeline with an annual capacity of 55 billion cubic meters. Nord Stream AG is a joint company (Gazprom holds 51 per cent, Wintershall and E.ON – 15.5 per cent and ENGIE – 9 per cent) operating the project.

On July 31, 2015 Gazprom and BASF signed a Memorandum of Intent stipulating the cooperation within the project for constructing the Nord Stream II gas pipeline with a total annual capacity of 55 billion cubic meters of gas from Russia to Germany under the Baltic Sea.

On December 23, 2013 Gazprom and Wintershall signed a Master Agreement to swap assets.