MOSCOW, October 8 (RIA Novosti) - Russia will acquire Europe's largest underground gas storage facility this fall under the framework of an agreement reached between Gazprom and the German chemical company BASF, Germany's Deutsche Welle reported Wednesday.
The gas storage facility that will be under Russian ownership is located in the small German town of Rehden, Lower Saxony.
Under the agreement, the German side will take part in the development of a large gas field in Siberia.
The agreement between Gazprom and BASF was made in December and immediately approved by the European Commission.
Deutsche Welle noted that the deal between Gazprom and BASF did not come under the sanctions that the European Union imposed on Russia in connection with the crisis in Ukraine.
The United States and the European Union have introduced several rounds of economic sanctions against Russia, blaming Moscow for meddling in Ukraine's internal affairs. The latest group of sanctions, which were introduced in September, targeted Russia's banking, energy and defense sectors.
Moscow has responded to Western sanctions by placing a one-year ban on certain food imports from the European Union, the United States, Australia, Canada and Norway.