German chemical giant BASF is in talks with Russian investment vehicle LetterOne to combine their respective German-headquartered oil and gas businesses, Wintershall and DEA.

“BASF Group is in discussions with LetterOne regarding a potential merger of the BASF Group’s oil and gas activities with LetterOne’s oil and gas activities, which comprise the DEA Group,” the latter said on 24 November. BASF adds that it “would hold the majority of the shares in the joint...