BASF Buys Stake in Russian Pipeline Project

Subsidiary to help develop South Stream natural gas pipeline.

BASF subsidiary Wintershall acquired a 15% stake in a Black Sea pipeline project led by Russian gas producer OAO Gazprom, the companies said March 22.

Gazprom and German chemicals company BASF signed the agreement in Moscow in the presence of Russian Prime Minister Vladimir Putin.

Under the agreement, Wintershall, BASF's oil and gas exploration arm, joins Gazprom in developing the 584-mile South Stream pipeline that will provide natural gas to customers throughout southern Europe. The pipeline is scheduled to come online in 2015.

BASF and Gazprom are already partners on a natural gas pipeline in western Siberia.

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