SOCHI, August 18 (RIA Novosti) - BASF aims to sign all contracts under an asset-swap agreement with Russia's Gazprom [RTS: GAZP] within the next few months, the German company said Friday.
Under the asset-swap agreement reached in April, the world's largest chemicals producer will be granted access to a strategic natural gas deposit in Russia, while the Gazprom energy giant will receive gas transportation and distribution assets in Germany.
After a meeting with Russian President Vladimir Putin at his residence on the Black Sea coast, BASF Vice President Eggert Voscherau said his company was working to ensure the signing of all necessary documents in the coming months.
"The project will allow us to bring Gazprom and BASF even closer together," he said.
Voscherau said the two companies had established a very strong partnership.
"We distribute Russian natural gas together on the West European market, and therefore we need to further develop our partnership, including in Russia's chemical industry," he said.
Gazprom and a subsidiary of BASF AG are involved in the joint development of a vast gas field in West Siberia, a core source of supplies for a $10.5-billion gas pipeline project to pump natural gas from Russia to Germany across the Baltic Sea.
President Putin said at the meeting he would discuss BASF'S proposal to build a large production unit in Russia during his visit to Germany, expected in October.
The BASF vice president said Putin's meeting with Chancellor Angela Merkel would provide an opportunity to discuss a large number of joint projects between the countries.
"The combination of Russia's vast potential in the energy sector and Germany's strength in technology and industry is a factor that could lead Europe and Russia to prosperous future," Voscherau said.
