Europe's leading energy firms rekindle business ties with Russia
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.
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