Germany’s oil and gas producer Wintershall is planning to sell its shares in Verbundnetz Gas (VNG) as part of its strategy to focus on the upstream sector.
An agreement was reached on the 14th March that will see EWE Aktiengesellschaft assume Wintershall’s 15.79% share in VNG. The transaction requires a number of approvals. The companies agreed not to disclose the purchase price.
Wintershall has been increasing its focus on the upstream sector over the last two years. Consequently, the company is divesting its own natural gas trading and storage business.
Wintershall has agreed an asset swap with Gazprom in which the previously jointly run natural gas trading and storage business is being transferred entirely to Gazprom. In return, Wintershall is gaining additional shareholdings in western Siberian gas fields. With the decision to divest its shares in VNG, Wintershall is continuing to pursue this strategy.
Adapted from press release by Katie Woodward
Read the article online at: https://www.oilfieldtechnology.com/exploration/14032014/wintershall_to_focus_on_upstream_sector_122/