According to Reuters article published on January 19, 2023, energy company Wintershall Deais looking at the possibility of using German state guarantees after it pulled out of Russia.
"The management of Wintershall Dea must review and, if necessary, implement all measures that may contribute to averting or mitigating damage to the company, its employees and shareholders," said a spokesperson for Wintersall DEA.
That included the possible use of guarantees, insurance and possible legal means, the spokesperson added.
After months of uncertainty, Wintershall Dea said this week it was pulling out of Russia, which accounts for about half its production. Its stakes there had been "effectively expropriated", it said.
As a result the company, in which BASF (BASFn.DE) holds just under 73% percent, has to take a hit of more than 5.3 billion euros.
BASF (BASFn.DE) said it would take a 7.3 billion euro writedown as Wintershall Dea pulled out of Russia.
Germany's economy ministry confirmed that Wintershall Dea can use state investment guarantees.
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Published on January 25, 2023 11:59 AM (GMT+8)Last Updated on January 25, 2023 11:59 AM (GMT+8)
