Wintershall, a unit of German chemicals company BASF, will acquire a 15% stake in the South Stream gas pipeline project, which will transport Russian gas to Europe under the Black Sea, The Wall Street Journal reports. Russian natural gas company, Gazprom, holds a 50% stake in the South Stream project, which it will retain. The remaining 50% stake is held by Italy’s ENI. Wintershall will pay about €2 billion for the 15% stake, adds Reuters. Wintershall and Gazprom have also signed new long-term gas supply agreements for their jointly owned Swiss-based gas trading company, Wintershall Erdgashandelshaus, for markets in southeast Europe.
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