Wintershall Dea, a natural gas and oil major, with German roots and headquarters in Kassel and Hamburg has announced its decision to terminate its Russian activities and exit Russia. After more than 30 years of being an investor in the country, Wintershall Dea is ending its Russian activities.
One of the reasons is the limitations imposed by the Russian Government on operations of Western companies in the country, and external interferences in the company´s joint venture operations, as the company explains, which made it impossible for Wintershall Dea to operate in Russia as before, and resulted in an economic expropriation of the Joint Ventures in Russia.
In its announcement the previous week the company’s CEO Mario Mehren cited the aggressive war as incompatible with Wintershall Dea’s values. Though the company did not explain what triggered its change in attitude toward Russia at this particular point in time.
However, the company´s CEO Mario Mehren said in a statement: “Wintershall Dea will end its Russian activities. Continuing to operate in Russia is not tenable. Russia’s war of aggression in Ukraine is incompatible with our values and has destroyed co-operation between Russia and Europe. In recent months, limitations imposed by the Russian Government on operations of Western companies in the country, and external interferences in our joint venture operations, made it impossible for Wintershall Dea to operate in Russia as before, and resulted in an economic expropriation of the Joint Ventures in Russia.”
As it is furthermore pointed out, since the start of the war in Ukraine, Wintershall Dea has adjusted its financial framework and excluded Russian operations from its planning perimeter.
“Having built significant flexibility during the year 2022, the company will take actions in line with its financial policy to maintain a strong balance sheet consistent with its investment grade rating commitment, and in parallel profitably grow and diversify its business outside of Russia,” Wintershall Dea explains.
After exiting from its Russian activities, Wintershall Dea’s Norwegian operations will become of increasing importance to the company.
Wintershall Dea, with activities in Europe, Russia, Latin America and the MENA region (Middle East & North Africa), reveals in the social media that Norway is now central to its plans, as gas from Norway has been critical in fuelling Germany´s industry and households in recent months.
Source: Wintershall Dea
