EurOil: Wintershall plays down hit to loss of Russian business

Germany’s Wintershall Dea has sought to allay fears that the impact of the loss of its Russian business will be too painful, stressing the strength and stability of its remaining business.

Prior to the war in Ukraine, Russia accounted for close to half of Wintershall’s production, relating to its joint ventures with state-owned Gazprom at the Yuzhno-Russkoye and Achmov gas projects in Western Siberia.

Initially the company – a subsidiary of German industry giant BASF and Russian billionaire Mikhail Fridman’s LetterOne group – avoided announcing plans to leave Russia after war broke out in Ukraine in February 2022. It finally announced its intention to do so in January this year. But it has not yet offered guidance on when the withdrawal will be complete, citing difficulties that include government approvals in Russia.

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