• Login
    • Join
  • FOLLOW:
  • Subscribe Free
    • Magazine
    • eNewsletter
    Checkout
    • Magazine
    • News
    • Research
    • Markets & Technologies
    • Raw Materials
    • Top Companies
    • Directories
    • Jobs
    • Events
    • Microsites
    • More
  • Magazine
  • News
  • Research
  • Markets & Technologies
  • Raw Materials
  • Top Companies
  • Directories
  • Jobs
  • Events
  • Microsites
  • Current / Back Issues
    Features
    Business Corner
    Editorial
    Digital Edition
    eNewsletter Archive
    Our Team
    Editorial Guidelines
    Subscribe Now
    Advertise Now
    World Reports
    eBook
    Top Features
    Exterior Architectural Coatings Market

    CHINACOAT 2019 Reaches New Heights

    Automotive Refinish Market

    Asia Pacific Coatings Market

    The Marine Coatings Market
    Breaking News
    Online Exclusives
    Distributor News
    Financial News
    Paint & Coatings Manufacturer News
    People In the News
    Price Increases
    Product News
    Raw Materials & Equipment
    Suppliers News
    Live From Shows
    Top News
    Greenkote PLC Reports Upsurge in Powder Coatings Applications on Brake Calipers

    Addipel Moves to New HQ, Expands Production Facility

    HMG Paints Wins BCF's Corporate Social Responsibility Award

    MFG Chemical Upgrades Dalton, GA Pilot Plant

    Cristo Rey High School Educator Named 2019 Axalta All-Pro Teacher of the Year
    Top Companies report
    Market Research
    White Papers / Tech Papers
    Technical Papers
    Product Spec Sheets
    World Reports
    Adhesives and Sealants
    Aerospace Coatings
    Architectural Coatings
    Automotive Coatings
    Automotive Refinish
    Business Operation
    Color Trends & Forecast
    Construction Chemicals
    Corrosion Control
    Industrial Coatings
    Laboratory Equipment
    Marine Coatings
    Market Trends & Forecast
    Powder Coatings
    Production Equipment
    Radcure Coatings
    Special Purpose Coatings
    Wood Coatings
    "Green" Coatings

    Greenkote PLC Reports Upsurge in Powder Coatings Applications on Brake Calipers

    BASF Doubling Automotive Refinish Coatings Production Capacity at Jiangmen, China Site

    AkzoNobel’s Wanda Vehicle Refinishes Brand Celebrates 85th Anniversary

    Pursuit of Balance Inspires Pratt & Lambert’s 2020 Color of the Year

    PPG Announces Industrial Coatings Products Global Price Increase
    Additives
    Binders
    Pigments
    Solvents

    Pilot Chemical Corp. Acquires Órgano Síntesis

    Sun Chemical Releases 2018 Sustainability Report

    Brenntag Distributes Grupa Azoty ZAK S.A. Plasticizer Portfolio in DACH Region

    PPG Using TiO2 Pigment from Lomon Billions’ New Chloride Production Line

    CHT Group Acquires keimadditec surface
    Buyers Guide
    Company Capabilities
    Distributor Guide
    Add New Company
    International Buyers Guide Companies
    Siltech Corporation

    EPS

    Pilot Chemical Company

    Keim Additec Surface USA LLC

    ROSS Mixers
    Industry Events
    Webinars
    Live From Show Event
    Top Events
    Polymers & Coatings Winter 2020 Short Course

    2020 Greenbuild India Conference

    The Waterborne Symposium

    Spray Finishing Training 2020

    Middle East Coatings Show 2020
    Companies
    White Papers/Tech Papers
    Product Spec Sheets
    Equipment
    Literature/Brochures
    Videos
    International Buyers Guide Companies
    Keim Additec Surface USA LLC

    EPS

    ROSS Mixers

    Pilot Chemical Company

    Siltech Corporation
    • Magazine
      • Current / Back Issues
      • Features
      • Editorial
      • Business Corner
      • Digital Edition
      • eNewsletter Archive
      • Editorial Guidelines
      • Subscribe Now
      • Advertise Now
    • Breaking News
    • Directories
      • Buyers Guide
      • Distributor Guide
      • Corporate Capabilities
      • Trade Associations
      • Add Your Company
    • Markets & Technologies
      • Adhesives and Sealants
      • Aerospace Coatings
      • Architectural Coatings
      • Automotive Coatings
      • Automotive Refinish
      • Business Operation
      • Color Trends & Forecast
      • Construction Chemicals
      • Corrosion Control
      • Industrial Coatings
      • Laboratory Equipment
      • Marine Coatings
      • Market Trends & Forecast
      • Powder Coatings
      • Production Equipment
      • Radcure Coatings
      • Special Purpose Coatings
      • Wood Coatings
      • "Green" Coatings
    • Raw Materials
      • Additives
      • Binders
      • Pigments
      • Solvents
    • World Reports
      • Africa Report
      • China Report
      • India/Asia Pacific Report
      • Europe Report
      • Latin America Report
      • Market Research
      • Russian Report
    • Top Companies
    • Online Exclusives
    • Slideshows
    • Experts Opinions
    • Blog
    • eBook
    • Infographics
    • Videos
    • Podcasts
    • Whitepapers
    • Jobs
    • Microsites
      • Companies
      • White Papers/Tech Papers
      • Product Spec Sheets
      • Equipment
      • Literature/Brochures
      • Videos
    • Events
      • Industry Events
      • Live From Show Event
      • Webinars
    • About Us
      • About Us
      • Contact Us
      • Advertise With Us
      • Privacy Policy
      • Terms of Use
    Breaking News

    BASF, LetterOne Sign Letter of Intent to Merge Oil, Gas Subsidiaries Wintershall and DEA

    BASF, LetterOne Sign Letter of Intent to Merge Oil, Gas Subsidiaries Wintershall and DEA
    Related CONTENT
    • BASF Spurs Production of Sustainable Palm Oil Products
    • American Chemistry Council recognizes BASF as Responsible Care Company of the Year
    • BASF Pushes Digitalization in Research Worldwide
    • BASF Donates $500G Towards Hurricane Harvey Relief
    • BASF Makes Dow Jones Sustainability World Index for 17th Straight Year
    12.08.17
    BASF and LetterOne signed a letter of intent to merge their respective oil and gas businesses in a joint venture, which would operate under the name Wintershall DEA. The oil and gas business of BASF is bundled in the Wintershall Group consisting of Wintershall Holding GmbH and its subsidiaries, including the gas transportation business. The oil and gas business of LetterOne comprises DEA Deutsche Erdöl AG and its subsidiaries.

    By combining these two German-based entities, their parent companies strive to create a basis for further profitable growth, optimize the portfolio footprint of the combined business and realize synergies. Wintershall DEA would have significant growth potential and be one of the largest independent European exploration and production companies. In the medium term, BASF and LetterOne envisage to list Wintershall DEA through an initial public offering.

    In the coming months, BASF and LetterOne will prepare and conduct a confirmatory due diligence and negotiate definitive transaction agreements. Closing could be expected in the second half of 2018, subject to customary regulatory approvals. Until the closing, Wintershall and DEA will continue to operate as independent companies. There is no assurance that BASF and LetterOne will enter into definitive transaction agreements or that the intended transaction will be consummated.

    It is intended to form Wintershall DEA by LetterOne contributing all its shares in DEA Deutsche Erdöl AG into Wintershall against issuance of new shares to LetterOne. Based on the valuation of the exploration and production businesses, BASF shall initially hold 67 percent and LetterOne shall hold 33 percent in Wintershall DEA. In this shareholding ratio, Wintershall’s gas transportation business is not accounted for. As of closing, Wintershall DEA shall issue a mandatory convertible bond to BASF reflecting the value of Wintershall’s gas transportation business. No later than 36 months after closing, this bond shall be converted into new shares in Wintershall DEA, resulting in a higher shareholding ratio for BASF.

    In 2016, the combined business had pro-forma sales of €4.3 billion, EBITDA of €2.2 billion and net income of €326 million. Overall, production volumes of Wintershall and DEA amounted to 215 million barrels of oil equivalent (BOE) in 2016, this equals a production of around 590,000 BOE per day. Based on proven reserves (1P) of 2.1 billion BOE at the end of 2016, the reserve to production ratio of the combined business would be around 10 years.

    BASF would determine the chief executive officer and LetterOne the deputy chief executive officer of Wintershall DEA. The company would be headquartered in Kassel and Hamburg, Germany.
    Following the closing of the transaction, BASF expects to account for its stake in the joint venture under the equity method in BASF’s consolidated financial statements.

    DEA is operating in the field of exploration and production of crude oil and natural gas and is headquartered in Hamburg, Germany. The company has long-standing experience along the entire value chain of the upstream business. In March 2015, DEA – formerly part of RWE AG – was acquired by LetterOne. With its workforce of around 1,150 employees, DEA has stakes in production facilities and concessions in Germany, Norway, Denmark, Egypt, Algeria and Mexico. For the full year 2016, net sales of the oil and gas activities bundled in the DEA Group amounted to around €1.5 billion, EBITDA was €614 million and EBIT €44 million.

    For 2016, DEA reported a production of 50 million BOE and proven crude oil and natural gas 1P reserves of 483 million BOE at the end of the year.

    Wintershall, headquartered in Kassel, Germany, focuses on exploration and production in oil and gas-rich regions in Europe, Russia, South America, North Africa, and the Middle East. Together with Gazprom, Wintershall is also active in the transportation of natural gas in Europe. The company has about 2,000 employees worldwide and is Germany’s largest, internationally active crude oil and natural gas producer. For the full year 2016, net sales of the Oil & Gas segment of the BASF Group amounted to around €2.8 billion, EBITDA was around €1.6 billion and EBIT around €500 million. Crude oil and natural gas production of Wintershall amounted to 165 million BOE in 2016; the 1P reserves were 1.6 billion BOE at the end of 2016.
     
    Related Searches
    • basf
    Suggested For You
    BASF Confirms Discussions with Letter One BASF Confirms Discussions with Letter One
    SAIC Concept Car with BASF Color Receives 2017 China Automotive Color Award SAIC Concept Car with BASF Color Receives 2017 China Automotive Color Award
    BASF Awards $10G in Scholarships to LSU Engineering Students BASF Awards $10G in Scholarships to LSU Engineering Students
    BASF Donates $200G to United Way of Brazoria County for Hurricane Harvey Recovery Aid BASF Donates $200G to United Way of Brazoria County for Hurricane Harvey Recovery Aid
    BASF: Sales, Earnings Grow BASF: Sales, Earnings Grow 'Considerably' in 3Q 2017
    BASF Launches BASF Launches 'Tap Issue' of $250M of its $600M Bonds With Non-dilutive Warrants Due 2023
    BASF Displays Sustainable and High Performance Solutions for the Coating Industry at ABRAFATI 2017 BASF Displays Sustainable and High Performance Solutions for the Coating Industry at ABRAFATI 2017
    Auto Refinish Market Auto Refinish Market
    BASF Polyurethane Used in New Brooks Levitate Running Shoes BASF Polyurethane Used in New Brooks Levitate Running Shoes
    BASF Invests in Third Plant for Specialty Zeolites BASF Invests in Third Plant for Specialty Zeolites
    BASF Scores Double Win for Functional Coatings Technology at IAA BASF Scores Double Win for Functional Coatings Technology at IAA
    BASF Acquiring Solvay’s Global Polyamide Business for €1.6 Billion BASF Acquiring Solvay’s Global Polyamide Business for €1.6 Billion
    BASF at Fakuma 2017: BASF at Fakuma 2017: 'Experience Variety of Plastics Firsthand'
    BASF Expands Paper Coating Portfolio for Nordic Market BASF Expands Paper Coating Portfolio for Nordic Market
    BASF Makes Dow Jones Sustainability World Index for 17th Straight Year BASF Makes Dow Jones Sustainability World Index for 17th Straight Year

    Related Breaking News

    • Breaking News | Powder Coatings
      Greenkote PLC Reports Upsurge in Powder Coatings Applications on Brake Calipers

      Greenkote PLC Reports Upsurge in Powder Coatings Applications on Brake Calipers

      Greenkote PLC reported a notable upsurge in its business coming from auto manufacturers – specifically for applying brightly-colored powder coatings to brake caliper assemblies. Greenkote provides powder coating services at its facility in Que…
      12.09.19

    • Breaking News
      Addipel Moves to New HQ, Expands Production Facility

      Addipel Moves to New HQ, Expands Production Facility

      New 40,000-square-foot warehouse and production facility is located in Elyria, Ohio.
      12.09.19

    • Breaking News | Paint & Coatings Manufacturer News
      HMG Paints Wins BCF

      HMG Paints Wins BCF's Corporate Social Responsibility Award

      For the second time since the award was introduced in 2017, HMG Paints Ltd. took home the Corporate Social Responsibility Award at the 10th annual British Coatings Federation Awards. Held at the Radisson Blu Hotel, East Midlands Airport, the evening…
      12.09.19


    • Breaking News | Industry News
      MFG Chemical Upgrades Dalton, GA Pilot Plant

      MFG Chemical Upgrades Dalton, GA Pilot Plant

      MFG Chemical completed an upgrade of its pilot plant in Dalton, Georgia. MFG upgraded a 100-gallon stainless steel reactor, which produces hot oil and steam reactions up to 550°F. The pilot has internal cooling coils, two top feed ports; one bo…
      12.09.19

    • Breaking News
      Cristo Rey High School Educator Named 2019 Axalta All-Pro Teacher of the Year

      Cristo Rey High School Educator Named 2019 Axalta All-Pro Teacher of the Year

      10 teachers honored at the 5th annual celebration by Axalta and the Philadelphia Eagles.
      12.06.19

    • Breaking News
      Michelman Makes United Way of Greater Cincinnati’s List of Top 25 Corporate Campaigns

      Michelman Makes United Way of Greater Cincinnati’s List of Top 25 Corporate Campaigns

      Michelman earned a spot on the United Way of Greater Cincinnati’s (UWGC) Top 25 List of corporate campaigns with associate donations totaling more than $236,983. The Top 25 List represents the largest corporate, retiree, and employee campaigns…
      12.06.19


    • Breaking News
      BCF: Coatings Industry Reports Record Improvement in Waste, Recycling, Accident Rates

      BCF: Coatings Industry Reports Record Improvement in Waste, Recycling, Accident Rates

      Almost all incinerated waste was used for energy recovery, per BCF.
      12.05.19

    • Automotive Refinish | Breaking News | Paint & Coatings Manufacturer News
      BASF Doubling Automotive Refinish Coatings Production Capacity at Jiangmen, China Site

      BASF Doubling Automotive Refinish Coatings Production Capacity at Jiangmen, China Site

      BASF Coatings (Guangdong) Co., Ltd. is the company’s first automotive refinish coatings production site in Asia.
      12.05.19

    • Automotive Refinish | Breaking News | Paint & Coatings Manufacturer News
      AkzoNobel’s Wanda Vehicle Refinishes Brand Celebrates 85th Anniversary

      AkzoNobel’s Wanda Vehicle Refinishes Brand Celebrates 85th Anniversary

      AkzoNobel’s Wanda vehicle refinishes brand is celebrating its 85th anniversary. The Wanda story began when young Brazilian Roque Montesano had dreams of owning a paint factory. He promised his wife that if he realized his ambition, he’d…
      12.05.19


    • Architectural Coatings | Breaking News | Color Trends & Forecast | Paint & Coatings Manufacturer News
      Pursuit of Balance Inspires Pratt & Lambert’s 2020 Color of the Year

      Pursuit of Balance Inspires Pratt & Lambert’s 2020 Color of the Year

      Pratt & Lambert unveiled Songbird (117C) as the 2020 Color of the Year. Crisp and clean, this vibrant mint shade speaks to the increasing desire to imbue natural colors with energy. Songbird is minimalistic but also optimistic, a youthful color…
      12.05.19

    • Additives | Breaking News | Industry News
      Pilot Chemical Corp. Acquires Órgano Síntesis

      Pilot Chemical Corp. Acquires Órgano Síntesis

      The acquisition includes OSSA’s workforce of nearly 100 employees, its headquarters office in Mexico City and production site in Toluca, Mexico.
      12.04.19

    • Breaking News | Paint & Coatings Manufacturer News
      Axalta Celebrates 1-year Anniversary of Philadelphia Global Innovation Center

      Axalta Celebrates 1-year Anniversary of Philadelphia Global Innovation Center

      Axalta celebrated the first anniversary of delivering new technologies to its customers around the world from its Global Innovation Center, the world's largest R&D center dedicated to coatings and color located in Philadelphia's Navy Yard…
      12.04.19

    • Breaking News | Industrial Coatings | Paint & Coatings Manufacturer News | Price Increases
      PPG Announces Industrial Coatings Products Global Price Increase

      PPG Announces Industrial Coatings Products Global Price Increase

      The change will be effective Jan. 1, 2020, or as permissible by contract, and will apply to all industrial coatings end-use segments.
      12.04.19

    • Breaking News | Paint & Coatings Manufacturer News
      Innovative Chemical Products Group Acquires Hi-Tech Coatings

      Innovative Chemical Products Group Acquires Hi-Tech Coatings

      Innovative Chemical Products Group (ICP Group) announced that it acquired Hi-Tech Coatings, a developer and manufacturer of high-performance coatings for the packaging and commercial printing industries, from Heidelberger Druckmaschinen AG (Heidelber…
      12.04.19

    • Breaking News
      CVC Thermoset Specialties Develops Specialty Epoxy Resins that Improve Oil, Gas Pipeline Safety

      CVC Thermoset Specialties Develops Specialty Epoxy Resins that Improve Oil, Gas Pipeline Safety

      Pipelines are an efficient way to transport oil and natural gases. Safety requirements are becoming more stringent as drilling underground reaches new levels and demand rises for laying pipelines in extreme cold and high-temperature environments. C…
      12.04.19

    Breaking News
    • Greenkote PLC Reports Upsurge in Powder Coatings Applications on Brake Calipers
    • Addipel Moves to New HQ, Expands Production Facility
    • HMG Paints Wins BCF's Corporate Social Responsibility Award
    • MFG Chemical Upgrades Dalton, GA Pilot Plant
    • Cristo Rey High School Educator Named 2019 Axalta All-Pro Teacher of the Year
    View Breaking News >
    CURRENT ISSUE

    December 2019

      View More >
    • About Us
    • Privacy Policy
    • Terms And Conditions
    • Contact Us

    follow us

    Subscribe
    Nutraceuticals World

    Latest Breaking News From Nutraceuticals World

    International Scientific Society Calls for Omega-3 Blood Testing in Future Research
    Pharmactive Affron Saffron May Help Relieve Depression Symptoms
    Warmer Temperatures Could Lead to Concerning Levels of Arsenic in Rice
    Coatings World

    Latest Breaking News From Coatings World

    Greenkote PLC Reports Upsurge in Powder Coatings Applications on Brake Calipers
    Addipel Moves to New HQ, Expands Production Facility
    HMG Paints Wins BCF's Corporate Social Responsibility Award
    Medical Product Outsourcing

    Latest Breaking News From Medical Product Outsourcing

    Companies Partner to Develop Instrument-Free Molecular Diagnostic Tests
    BWXT to Produce Medical Radioisotope Germanium-68 to Meet Rise in Demand
    FDA Clears Molecular Screening Test for Detection of Antibiotic-Resistant Bacteria
    Contract Pharma

    Latest Breaking News From Contract Pharma

    Antares Vision Introduces Raised Stopper Machine
    AbbVie, Scripps Collaborate on New Therapeutics
    Sanofi Pasteur Awarded HHS Pandemic Flu Vax Contract
    Beauty Packaging

    Latest Breaking News From Beauty Packaging

    Firmenich Wants You Smell & Taste the Pantone Color of the Year
    L'Oréal Paris - And Celebs - Celebrate 14th Annual Women of Worth
    Henkel's göt2b Partners with DJ Pauly D
    Happi

    Latest Breaking News From Happi

    Matrix to Add Dark Envy
    Lip Lab Opening in Brooklyn
    Raining Rose Expands Exec Team
    Ink World

    Latest Breaking News From Ink World

    ePac Flexible Packaging Expands into Asia Pacific Market
    Smurfit Kappa Announces Board Changes
    Haney, HP Developing Sustainable Fashion Packaging for Heron Preston
    Label & Narrow Web

    Latest Breaking News From Label & Narrow Web

    Interket UK purchases third MPS flexo press
    Michael Ring named EVP of W+D North America
    Polykote announces new UV inkjet labelstock
    Nonwovens Industry

    Latest Breaking News From Nonwovens Industry

    Fameccanica Partners with Aeroflex
    Nice-Pak to Offer Sustainable Solutions to Every Customer
    Thrace to Relocate U.S. Capacity
    Orthopedic Design & Technology

    Latest Breaking News From Orthopedic Design & Technology

    InVivo Therapeutics Attains 25 Percent Enrollment in Spinal Cord Injury Study
    BioPrax Biofilm Disruption Device Granted FDA Breakthrough Device Designation
    Orthofix Appoints New Spine Business Leader
    Printed Electronics Now

    Latest Breaking News From Printed Electronics Now

    Osram’s Managing Board Invites ams to Talks About Future
    Imec Shows Ultra-Scaled FETs with 2D-Material Channel
    NXP Completes Acquisition of Marvell’s Wi-Fi and Bluetooth Connectivity Assets

    Copyright © 2019 Rodman Media. All rights reserved. Use of this constitutes acceptance of our privacy policy The material on this site may not be reproduced, distributed, transmitted, or otherwise used, except with the prior written permission of Rodman Media.