German Chemical Giant BASF Stands by Russian Partners

LONDON, - BASF, the world's top chemicals firm by sales, said on Thursday it would not allow the Ukraine crisis to jeopardise its business in Russia or its partnership with state-controlled gas producer Gazprom, describing the standoff as isolated.

Kurt Bock, chief executive of BASF, said business both in Ukraine and Russia had not been affected by the crisis so far and BASF would not allow political tensions to undermine its ties with Gazprom for the time being.

BASF's oil and gas unit Wintershall has an asset swap deal with Gazprom and is also part of the Nord Stream consortium which has been operating a huge pipeline for Russian gas via the Baltic Sea since 2011. Wintershall said in March it did not expect the Ukraine tensions to scupper its plans.

(Reuters Edited by Topco)