13 December 2013 08:29 [Source: ICIS news]
SINGAPORE (ICIS)--Germany-based crude oil and natural gas producer Wintershall has agreed to sell several of its North Sea assets to Hungary’s MOL Group for $375m (€274m), Wintershall’s parent firm BASF said on Friday.
The deal is expected to be completed in the first quarter of next year, BASF said in a statement.
Wintershall is a wholly owned subsidiary of German chemical producer BASF.
“Through the transaction, the Hungarian MOL Group will acquire 14 licenses in the North Sea, including non-operated equity stakes in the Broom field (29%) as well as the Catcher (20%), Cladhan (33.5%) and Scolty/Crathes (50%) developments,” BASF said.
Wintershall’s equity share in existing infrastructure on the Sullom Voe Terminal and the Brent Pipeline System are also part of the deal, according to BASF.
In addition to the transaction, MOL and Wintershall also signed a cooperation agreement to pursue exploration and production opportunities in both the North Sea and the Middle East region, it added.
($1 = €0.73)
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