BASF Buys Statoil Assets

BASF Buys Statoil AssetsBASF Buys Statoil Assets

BASF SE’s oil and gas arm agreed to buy assets from Norway’s Statoil ASA for $1.25b, diversifying energy supplies for Germany’s biggest chemical maker as relations between Europe and Russia worsen. BASF’s Wintershall is acquiring a share in two producing fields, two development projects, the Polarled pipeline project and a share in four exploration licenses, the Ludwigshafen, Bloomberg reported.