BASF and Russia's LetterOne merge oil and gas activities

BASF will take over the majority of the new joint venture when the German chemical group merges its oil and gas activities with Russian-owned Letter One, which owns DEA and has sizeable assets on the Norwegian shelf.

by ANNE LOUISE HOUMANN

German chemical group BASF and Russian-owned oil company LetterOne signed a deal Thursday on intentions to merge their respective oil and gas companies in a joint venture, with the ultimate ambition of an IPO.

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