Wintershall to be first German company to extract gas in Russia
Jul 18, 2003 02:00 AM
Wintershall, the gas subsidiary of German chemicals group BASF, will become the first German company to extract
natural gas in Russia.
The company will set up a joint venture with Russian gas giant Gazprom, which will trade under the name of Achimgaz
and which will extract gas in the Urengoy region.
Achimgaz, which will initially invest nearly $ 100 mm in six trial drillings, is expected to extract 8 bn cm of
natural gas from 82 boreholes from 2008 onwards.
Ruhrgas, the German gas group and Wintershall's competitor, is determined to follow suit and start extracting natural
gas in Russia as well.
Source: Sueddeutsche Zeitung
