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Business

BASF may exit oil and gas with deal

by Alexander H. Tullo
December 4, 2017 | A version of this story appeared in Volume 95, Issue 48

BASF and the German firm DEA are in negotiations to merge their oil and gas operations. BASF’s oil and gas unit, known as Wintershall, generated $3.1 billion in sales in 2016. BASF says it will be the majority shareholder of the resulting joint venture, if the two firms come to terms. Shares of the partnership could eventually float in a public offering. BASF took a first step toward exiting the oil and gas business in 2015 when it completed an asset swap with Russia’s Gazprom. That deal reduced BASF’s oil and gas revenues by about $11.2 billion.

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