Global chemical giant, BASF, has announced plans to transfer its oil and gas operations to UK-based energy company, Harbour. This move will see BASF and the LetterOne investment fund, who jointly own energy firm Wintershall Dea, continue to share ownership. This strategic decision marks a significant shift in BASF's focus within the energy sector.
1. BASF, a global chemical giant, has announced plans to transfer its oil and gas operations to UK-based energy company, Harbour Energy.
2. The deal also includes the participation of LetterOne investment fund.
3. Both BASF and LetterOne, who currently co-own energy firm Wintershall Dea, will continue to share ownership post-transfer.
4. This move is a significant shift in BASF's focus within the energy sector.
5. The decision is expected to influence global energy dynamics, potentially strengthening the position of Harbour Energy.
In 2020, Wintershall Dea, owned by BASF and LetterOne, produced around 659,000 barrels of oil equivalent per day (boed).
In an unprecedented move, BASF has announced its decision to transfer its oil and gas operations to Harbour Energy, a UK-based company. The deal, which positions Harbour Energy to become a formidable player in the global energy sector, also includes the LetterOne investment fund. As co-owners of energy giant Wintershall Dea, both BASF and LetterOne are slated to retain shared control of the firm. This strategic decision is predicted to have far-reaching implications on global energy dynamics.