MOSCOW, October 30. /TASS/. Germany's Wintershall Dea is in talks with Gazprom regarding its exit from joint ventures in Russia, the company’s CEO Mario Mehren told an online conference.

When asked whether the company was talking to Gazprom about selling its shares in Russian assets he replied: "It is unpredictable for us to say when the exit in terms of disposing of the shares will be possible. And yes, I can confirm that because of contractual obligations we are in discussions with our joint venture investors, co-investors in Russia about how to deal with that situation."

Mehren did not comment on whether nationalizing Wintershall Dea's shares in Russian enterprises was being discussed.

"Whether it will be nationalized or not, I think, is a question that goes to the Russian government," the head of the company stressed.

In turn, Wintershall Dea CFO Paul Smith noted that the company expects to take a loss of approximately 7.5 billion euros from its stakes in Russian assets going back to February 2022, including investments in Nord Stream and Nord Stream 2.

About Wintershall Dea exit from Russia

On January 17, Wintershall Dea announced its intention to exit Russia completely in accordance with existing legal obligations, at a loss of 5.3 billion euros from the deconsolidation of joint ventures in Russia.

Company CEO Mario Mehren said that Wintershall Dea is looking at a number of options to minimize the damage from leaving Russia, including filing claims against the Russian authorities. He also stated that the company is exploring all available ways to exit Russian assets and remove its personnel from the country. Mehren refrained from giving a timetable for when the company would officially leave Russia, noting that this would be a long process.

However, the company said it plans to complete the legal separation of its international business from its joint ventures with Russia by mid-2024.

Wintershall Dea was one of the financial investors in Nord Stream 2. It is also a shareholder in the Nord Stream gas pipeline (with a stake of 15.5%). The company owns 25.01% in the Achim Development joint project with Gazprom (74.99%). Together with Gazprom and Austria’s OMV, it manages the Severneftegazprom joint venture, which is developing the Yuzhno-Russkoye oil field.