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Economic sanctions against Russia will not resolve crisis — Wintershall CEO

March 13, 2014, 16:45 UTC+3 KASSEL
Wintershall is partner of the Russian gas monopoly Gazprom in Nord Stream and South Stream projects
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Rainer Seele

Rainer Seele

©  EPA/UWE ZUCCHI

KASSEL, March 13. /ITAR-TASS/. Economic sanctions against Russia will not help settle the situation in Ukraine, believes CEO of the German oil and gas company Wintershall Rainer Seele.

Economic sanctions would not help anybody, he said while opening the company’s annual news conference in the German town of Kassel. There is no alternative to a dialogue, and all parties concerned should think about partnership and sit at the negotiating table. They should build, not destroy the bridges, believes Seele.

Wintershall is partner of the Russian gas monopoly Gazprom in Nord Stream and South Stream projects as well as development of the Yuzhno-Russkoye field and the Achimov deposits of the Urengoi oil and gas condensate field in Russia.

Last December the two companies signed an asset swap agreement. As a result, Gazprom will boost its share in joint companies for gas trade and storage in Europe, WINGAS, WIEH and WIEE, twice to 100 percent and receive a 50% stake in WINZ company prospecting and producing hydrocarbons in the North Sea. Wintershall will have a 25.01% share in development and exploitation of 4А and 5А areas at the Achimov deposits. The European Commission approved the asset swap deal on December 4, 2013.

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