BASF and LetterOne will remain owners of Wintershall in Russia – Kommersant
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The German chemical concern BASF and Mikhail Fridman’s LetterOne will continue to be shareholders in the Russian business of the oil and gas company Wintershall Dea after the sale of foreign assets to Harbor Energy. This is stated in the Wintershall Dea report.
“The legal separation of the Russia-related business continues; BASF and LetterOne will remain the owners of the company that owns the business related to Russia,”— reported in the document. The transaction is expected to close in the fourth quarter of this year.
The Wintershall Dea report also states that at the end of last year the company recorded a net loss to shareholders of €51 million, or 95 times less than the year before. Wintershall CEO Mario Mehren said the decision to leave Russia had serious consequences for the company. Wintershall is currently restructuring its business.
At the beginning of the year Wintershall reported on the decision to leave the Russian market, estimating the loss from this decision at the end of 2023 at €5.3 billion. On the sale of the foreign business of Wintershall Dea Harbor Energy was announced in December 2023.
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