Europe's leading energy firms rekindle business ties with Russia

20:50, 08 September 2015
169 0

Royal Dutch Shell, E.O.N. and BASF strike multi-billion dollar deals with Kremlin-controlled Gazprom this week despite Russia’s ongoing invasion and occupation of Ukraine and in defiance of Western sanctions, according to Ukraine Today.

Gazprom agreed with BASF on joint development of the Urengoy natural gas fields in Siberia, with Gazprom giving BASF a 25% share in the asset, Ukraine Today reports.

In return Gazprom will obtain BASF subsidiary Wintershall's gas storage, among other preferences.

Meanwhile, Gazprom and a European consortium consisting of Royal Dutch Shell, BASF and OMV also announced plans recently to construct a second Nord Stream-2 pipeline under the Baltic Sea, thus enabling  Russia to send more of its gas directly to Germany in the future, bypassing Ukraine.

See’s video section for more of the latest news from Ukraine in video from Ukraine Today, Ukraine’s 24-hour English-language news channel.

If you see a spelling error on our site, select it and press Ctrl+Enter