MOSCOW (Pakistan Point News / Sputnik - 18th January, 2023) German energy company Wintershall Dea has decided to exit Russia completely, in compliance with all legal obligations, the company said.
"Wintershall Dea intends to fully exit Russia in an orderly manner complying with all applicable legal obligations," it said in a statement.
The company expects a total loss from the write-off of Russian assets of about 5.3 billion Euros ($5.72 billion).
"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," the statement says.
Wintershall Dea is Europe's largest private oil and gas company operating in Northern Europe, Russia, Latin America, the middle East and North Africa. It was formed in 2019 as a result of the merger of the oil and gas assets of the German BASF and LetterOne of Russian businessman Mikhail Fridman. The share of BASF is 72.7%, and LetterOne's 27.3%.
