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BASF and Russia's LetterOne merge oil and gas activities

BASF will take over the majority of the new joint venture when the German chemical group merges its oil and gas activities with Russian-owned Letter One, which owns DEA and has sizeable assets on the Norwegian shelf.

Photo: Wintershall

German chemical group BASF and Russian-owned oil company LetterOne signed a deal Thursday on intentions to merge their respective oil and gas companies in a joint venture, with the ultimate ambition of an IPO.

Today, BASF's oil and gas activities – including gas transport – are carried out under Wintershall Group Holding, while LetterOnes' oil and gas activities sit within the company Dea Deutsche Erdöl and its subsidiaries.

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