German chemicals giant BASF said Friday that its revenues decreased by 18 per cent, to 57.6 billion euros (60.9 billion dollars), in 2016, due mainly to a multibillion-euro asset swap with Gazprom, Russia's state-backed gas group.
The deal - revived in 2015 only months after it was scrapped because of the conflict in Ukraine - saw Gazprom take full control of a jointly operated European gas trading and storage business, while BASF expanded its oil and gas output.
"[The gas trading and storage business] had contributed 10.1 billion euros to sales in 2015. In total, portfolio effects lowered sales by 15 per cent. In addition, lower raw material prices led to a drop in sales prices," BASF said in a statement.
Earnings before interest and taxes for the 2016 financial year stood at 6.3 billion euros, 6 per cent down on the previous year, with BASF saying this was largely a consequence of a decline in the oil and gas segment.