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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