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BASF, Gazprom agree on natural gas asset swap

FRANKFURT (Reuters) - BASF will grant Russian gas company Gazprom full control of their jointly run European gas trading and storage activities to gain more access to Siberian gas fields.

FRANKFURT (Reuters) - BASF will grant Russian gas company Gazprom full control of their jointly run European gas trading and storage activities to gain more access to Siberian gas fields.

"Through the swap, BASF aims to further expand its production of oil and gas and to exit the gas trading and storage business," German chemicals group BASF said in a statement on Wednesday. It declined to provide a deal value.

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