Exit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market or liquidated local entity(ies)
Exited Exit Completed
Wintershall is the largest German gas and oil company.
Exit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market or liquidated local entity(ies)
Exited Exit CompletedThe Wintershall Dea Supervisory Board approved a principle decision by the Management Board to exit Russia. As a consequence, Wintershall Dea intends to fully exit Russia in an orderly manner complying with all applicable laws and regulations. Intends to fully exit Russia, write off $1.1 billion investments in Russia. "We no longer see prospects for energy cooperation with Russia in the foreseeable future. Our decision is final. We have started to take appropriate steps in recent weeks. We started the process of closing our office in St. Petersburg, reducing the number of our local colleagues. We also returned our expatriated colleagues from Russia back to their home jurisdictions. We are also considering various options for exiting assets," said the head of Wintershall Dea, Mario Meren. But exiting Russia gets harder by the day. One of Gazprom's former key partners in Europe, Wintershall Dea, has initiated two arbitration proceedings against Russia, citing expropriation of assets. After leaving Russia, the company estimated its losses at €5.3 billion, part of which it apparently wants to recover through arbitration. Lawyers say that the case's prospects depend on the interpretation of the term "expropriation," and sanctions may complicate the execution of the court's decision.
Wintershall Dea will exit Russia: Wintershall Dea to deconsolidate Russian segment from financial reporting and to record one-off non-cash charge of €5.3 billion in the fourth quarter relating to the deconsolidation as well as other Russia-related impairments. Significant financial flexibility maintained. Wintershall Dea Joint Ventures in Russia economically expropriated. Wintershall Dea intends to fully exit Russia in an orderly manner complying with all applicable legal obligations. German Wintershall Dea completely wrote off its share in the Nord Stream operator due to the impossibility of estimating the terms and costs of restoring the damaged gas pipeline against the background of geopolitics, the company's report says. Wintershall Dea will cut some 500 jobs, or roughly a quarter of its staff, in a separation of its Russian activities. Vladimir Putin signed decrees according to which the shares of two foreign companies, namely the German Wintershall DEA and the Austrian OMV in joint ventures (JV) with Gazprom, will be forcibly sold to Russian owners. The British oil company Harbor Energy announced that it is purchasing from the German chemical concern BASF and LetterOne Mikhail Fridman all their shares in the oil and gas company Wintershall Dea. The deal will cost Harbor Energy $11.2 billion. As part of the deal, Harbor will acquire all of Wintershall's production assets, with the exception of Russian ones.