27 Feb 2018 15:59

BASF hoping for long-term partnership with Russia, but will monitor future steps of U.S.

LUDWIGSHAFEN. Feb 27 (Interfax) - German chemicals giant BASF is hoping for long-term partnership with Russia but will keep an eye on Washington's future moves following the publication of the "Kremlin list", CEO Kurt Bock said at a press conference on 2017 results.

Bock said that the company needs to keep an eye on the U.S. government's future steps with regards to people who have been included on the list: both politicians and businessmen. He said that looking at the list, in such a case, the company won't be able about to do business with anyone in Russia and that is it not what the company wants.

The BASF CEO said that the company has very good, close and trusting relationships with its Russian business partners, Gazprom in particular. He said that he hopes the company will be able to build a relationship like this with LetterOne, responding to a journalist's question on whether L1 owner Mikhail Fridman's inclusion on the "Kremlin list" will have an impact on the Wintershall and DEA merger.

At the end of last year, BASF and LetterOne investment company, owned by Mikhail Fridman and his partners, signed a protocol of intent envisioning a merger of their oil and gas subsidiaries Wintershall and DEA.

At the initial stage, 67% of WintershallDEA shares will belong to BASF and 33% to LetterOne, the German company said. An IPO is planned for the merged company in the mid-term.