By Neetha Mahadevan

FRANKFURT--Germany's BASF SE (BAS.XE) and Russia's OAO Gazprom on Friday agreed to complete an asset swap signed in December 2013, but called-off late last year amid mounting political tensions between Russia and the West.

As earlier planned, BASF will exit the gas trading and storage business of its wholly owned subsidiary, Wintershall AG, and will further expand its production of oil and gas. The deal gives Wintershall access to natural-gas fields in Siberia.

"We look forward to further expanding the joint production of natural gas and condensate with our partner Gazprom in western Siberia," BASF Chief Executive Kurt Bock said.

The completion of the asset swap, which was originally expected by end of 2014, is due to close by the end of 2015.

The swap was already approved by the European Commission at the beginning of December 2013.

-Write to Neetha Mahadevan at neetha.mahadevan@wsj.com

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(END) Dow Jones Newswires

September 04, 2015 01:40 ET (05:40 GMT)