FX.co ★ European businessmen do not recognize sanctions

While the European and US officials are approving packages of sanctions against Russia, the European business stays calm. The merchants have priced prospects for further cooperation and realized that natural gas deliveries should be out of political games. Wintershall Holding, a wholly owned subsidiary of Germany’s chemical company BASF, said “the political crisis in Ukraine won't scupper Gazprom deal”. The German company does not see any reasons for a revision or cancellation of an asset-swap agreement with the Russian Gazprom. "I see no impact from the Ukraine crisis on the process," Wintershall Chief Executive Rainer Seele told a news conference. Seele added the managing board follows the approvals and arrangement, agreed earlier. It is now only a matter of operational implementation. Wintershall is going to invest up to 4 billion euros to expand into Russia and Norway. The corporation has plans to develop deposits and produce crude oil and natural gas in Russia, North America, Europe, the Middle East, and South America. After bringing to full capacity, the Russian Urengoyskoye field will produce about 8 billion cubic meters of gas starting 2016, the company's official website says. The partnership of Gazprom with BASF SE and Wintershall Holding is focused on the development of the Yuzhno-Russkoye and Urengoyskoye fields as well as they are partners in Nord Stream and South Stream projects. The asset-swap agreement was signed in November 2012, and on December 4, 2013, the document was approved by the European Commission. The deal is to be concluded in mid 2014.