BASF Says Asset Swap with Gazprom to Close by Year End

BASF expects its long-planned major asset swap deal with Russia's Gazprom to be completed by the end of the year, CEO Kurt Bock said at a press conference on the occasion of the group's 150th anniversary.

The German group previously said the deal for Gazprom to take over its German gas trading and storage in return for BASF gaining more access to Gazprom's Siberian gas fields was on course for completion in autumn with some technicalities in the way.

"We are going to achieve this by the end of the year," Kurt Bock said.