BASF lost €1.4bn due to depreciation of Wintershall Dea’s assets in Russia
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The German chemical group BASF suffered a loss of €1.4 billion in 2022 due to the depreciation of the assets of its subsidiary, Wintershall Dea, Europe’s largest oil and gas company, as well as rising energy prices. This is stated in a press release from BASF, which leads AFP.
BASF owns 67% of Wintershall Dea. In the fourth quarter of 2022 alone, Wintershall Dea’s assets depreciated by €5.4 billion, to €7.3 billion. In addition, the equity stake in the Nord Stream gas pipeline was completely written off from the balance sheet.
January 17 Wintershall Dea announced exit from assets in Russia after the fulfillment of existing obligations. The loss of Wintershall Dea from the write-off of Russian assets in 2023 should be € 5.3 billion. The head of the company, Mario Mehren, said that “it is not advisable to continue operations in Russia.”
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