BASF: divests its oil and gas activities
(CercleFinance.com) - BASF has announced that Wintershall DEA (formed in 2017 from the merger between BASF's hydrocarbon subsidiary Wintershall and DEA, owned by LetterOne) has transferred its exploration and production (E&P) activities outside Russia to Harbour Energy plc, following regulatory approval.
The transfer includes assets in Norway, Argentina, Germany, Mexico, Algeria, Libya, Egypt and Denmark, as well as carbon storage licenses.
In return, Wintershall Dea shareholders BASF and LetterOne received $2.15bn and a 54.5% stake in Harbour.
This transaction marks the definitive separation of BASF from its oil and gas activities.
The Wintershall Dea headquarters, not included in the transaction, will be closed, affecting 800 employees.
BASF and LetterOne will retain the Russian activities, which will be gradually wound up.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The transfer includes assets in Norway, Argentina, Germany, Mexico, Algeria, Libya, Egypt and Denmark, as well as carbon storage licenses.
In return, Wintershall Dea shareholders BASF and LetterOne received $2.15bn and a 54.5% stake in Harbour.
This transaction marks the definitive separation of BASF from its oil and gas activities.
The Wintershall Dea headquarters, not included in the transaction, will be closed, affecting 800 employees.
BASF and LetterOne will retain the Russian activities, which will be gradually wound up.
Copyright (c) 2024 CercleFinance.com. All rights reserved.