Wintershall Dea writes off Russian joint venture stakes including its 15.5% holding in the damaged Gazprom-led Nord Stream pipeline
Pipes at the gas receiving station of the halted Nord Stream 2 project, on the site of a former nuclear power plant, in Lubmin, Germany. Picture: BLOOMBERG/KRISZTIAN BOCSI
The company specified that Russian presidential decrees had retroactively slashed the prices at which joint ventures can sell their oil and gas to Kremlin-controlled Gazprom. BASF’s writedown comes about a month before the anniversary of Moscow’s invasion of Ukraine, which triggered Western sanctions and an exodus of Western companies from Russia.
Jefferies analysts wrote in a research note that a recent decline in European natural gas prices would temper market concerns over the Russia burden, offering a “significant potential earnings tailwind into 2023”.Wintershall Dea said it had to write off Russian joint venture stakes and Russian-related activities, including its 15.5% holding in the damaged Gazprom-led Nord Stream pipeline and the Wiga Transport joint venture with Sefe, formerly known as Gazprom Germania.
Wintershall Dea also co-owns two Achimov natural gas production projects in Siberia, including a 50% stake in the Achimgaz joint venture with Gazprom and a 25% holding in the Achim Development venture.
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