Wintershall Dea Writes off Financing of Nord Stream 2

Source: www.gulfoilandgas.com 3/2/2022, Location: Asia

- No additional projects in Russia will be advanced or implemented
- Payment transactions already stopped
- Critical infrastructure will continue to be operated
- Joint statement from Works Council and Executive Board

Wintershall Dea AG’s Management Board has decided not to advance or implement any additional gas and oil production projects in Russia and to write off its financing of Nord Stream 2 totalling around 1 billion euros.

In a personal statement yesterday, Wintershall Dea’s Chief Executive, Mario Mehren, emphasised that the Russian President's war of aggression against Ukraine has shaken the foundations of the company’s work in Russia to the core. The brutal attack is causing unimaginable suffering and marks a turning point.

As a consequence, Wintershall Dea AG’s Management Board has decided today:

- not to pursue any additional gas and oil production projects in Russia, and to -stop all planning for new projects.
- to basically stop payments to Russia with immediate effect.
- to write off its financing of Nord Stream 2.

Wintershall Dea remains active in GASCADE Gastransport GmbH. GASCADE operates a 3,200 km gas pipeline network in Germany: critical infrastructure for gas transport in Germany and Europe.*

Wintershall Dea remains involved in the existing Yuzhno Russkoye and Achimov natural gas production projects in Siberia. The projects produce natural gas for European energy supply.

Wintershall Dea is in contact with the German Federal Government and the European Commission.

Wintershall Dea AG’s Management Board, the Central Works Councils, and the Executive Representative Committee today published a Joint Statement on Russia's war against Ukraine.


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