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Wintershall CEO says leaving Russia had serious consequences for company

Mario Mehren said that the company announced and already began the reorganization process in September

MOSCOW, February 22. /TASS/. The decision of the German Wintershall Dea to leave Russia had serious consequences for the company, Wintershall CEO Mario Mehren said in the company’s report.

"Exiting Russia was the right decision and the only decision to take. But it had profound consequences. Throughout the year we worked on steps to right-size our company and secure our competitiveness in the context of reduced production and reserves," he said in a statement.

He noted that the company announced and already began the reorganization process in September. "In light of the agreement with Harbour Energy, some planned changes will be re-assessed, but the majority will be implemented during 2024," Mehren added.

According to the company’s report, BASF and LetterOne, shareholders of the German Wintershall Dea, will remain the owners of its Russian business after the sale of foreign assets to Harbor Energy.

Thus, the legal separation of the Russia-related business continues - BASF and LetterOne will remain the owners of the company owning the Russia-related business, Wintershall Dea said.

In early 2023, Wintershall Dea announced its decision to leave Russia and withdraw from assets in the country in compliance with existing legal responsibilities, as well as a loss of 5.3 bln euro due to deconsolidation.

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