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BASF, Gazprom cancel asset swap deal over ‘political environment’

LONDON (ICIS)--The current “difficult political environment” was the reason behind BASF and Russian energy major Gazprom cancelling their planned asset swap, a spokesperson for the German chemical major said on Friday.

The German company said both firms will continue their joint ventures in Europe and Russia.

Under the swap, which was initially agreed in 2012 and was due for completion by the end of 2014, BASF’s oil and gas subsidiary Wintershall would have transferred its stake in a jointly-operated natural gas trading and storage business to Gazprom.

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