NATURAL GAS JOINT VENTURE

Germany’s BASF and Russia’s Gazprom have launched natural gas production at the joint-venture ZAO Achimgaz in Siberia, Russia. The joint venture produces natural gas and condensate from the Achimov Formation in the Urengoy deposit. The joint venture plans to recover up to 200 billion cubic metres of natural gas and 40 million tonnes of condensate from the Achimov Formation over a period of more than 40 years. The annual natural gas production target during the plateau phase is up to 7.5 billion cubic metres.