Investors

Wintershall Dea writes off financing of Nord Stream 2

Wintershall dea

Wintershall Dea AD’s Management Board decided not to advance or implement any additional gas and oil production projects in Russia. They also decided to write off its financing of Nord Stream 2, totaling around 1 billion euros.

Wintershall Dea’s Chief Executive, Mario Mehren, said in a personal statement that “Many of our colleagues come from Russia or Ukraine. For them in particular, but also for all of us, this war against Ukraine on the orders of the Russian government is a hard blow.” He continued, “we have built many personal relationships – also in our joint ventures. However, the foundation of our work in Russia has been shaken to the core.”

Consequently, Wintershall Dea AG’s Management Board has decided not to pursue any additional gas and oil production projects in Russia and stop all planning for new projects. Moreover, they have decided to basically stop payments to Russia with immediate effect and finally write off its financing of Nord Stream 2.

Additionally, the leading German oil company will remain active in GASCADE Gastransport GmbH. GASCADE operates a 3,200 km gas pipeline network in Germany: critical infrastructure for gas transport in Germany and Europe.

Also, Wintershall reported that it will remain involved in the existing Yuzhno Russkoye and Achimov natural gas production projects in Siberia. The projects produce natural gas for the European energy supply.

Joint Statement

Moreover, together with its AG’s Management Board, the Central Works Councils, and the Executive Representative Committee; the company published a Joint Statement on Russia’s War against Ukraine.

The participants stated that they stand with Ukraine. They want to send a joint signal for peace and freedom as well as a call for solidarity with the country. Also, they ask for an immediate halt to the ongoing hostilities.

Moreover, they express how personally and profoundly shocked and appalled they are. The statement also clarifies that bombs, bullets, and combat boots are not appropriate means to solve problems under any circumstances. Especially not in the 21st century; making a call on Russia’s president to cease hostilities and engage in serious peace negotiations immediately.

The statement recognizes the bravery and indescribable resolve Ukrainian men and women are showing in the face of invasion. In addition, they condemn the Russian president’s war of aggression in the strongest possible terms.

Also recommended for you: Wintershall cancels annual conference due to attacks on Ukraine. Read here!

About Nord Stream 2

Nord Stream 2 is an infrastructure project of a 1,230 km pipeline under the Baltic Sea. Supposedly, it will take gas from Russia to Germany, and therefore to other European Union countries. They finished the project last September, but it has not begun commercial operations due to a pending certification in Germany.

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