Wintershall DEA writes off financing for Nord Stream 2
German energy company Wintershall Dea has written off its 1 billion euro (US $1.1 billion) financing in the Nord Stream 2 gas pipeline and has decided not to advance or implement any additional gas and oil production projects in Russia.
The group, one of the five co-funders of Nord Stream 2, said in a statement that Russia’s invasion of Ukraine had “shaken the foundations of the company's work in Russia to the core”.
As a result, it said, Wintershall Dea AG’s Management Board has decided not to pursue any additional gas and oil production projects in Russia, stop all planning for new projects, stop payments to Russia with immediate effect and 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,” the company said in a statement.
Wintershall Dea has been operating in Russia for 30 years.
KEEPING THE ENERGY INDUSTRY CONNECTED
Subscribe to our newsletter and get the best of Energy Connects directly to your inbox each week.
By subscribing, you agree to the processing of your personal data by dmg events as described in the Privacy Policy.
More gas & LNG news
Oman Will Seek Talks With BP, Shell to Secure Latest LNG Project
GE Vernova Sees ‘Humble’ Wind Orders as Data Centers Favor Gas
China’s Oil Demand May Peak Early on Rapid Transport Shift
Qatar Minister Calls Out EU for ESG Overreach, Compliance Costs
Chevron Slows Permian Growth in Hurdle to Trump Oil Plan
After $2.5 Billion IPO Haul, Oman’s OQ Looks at More Share Sales
ADNOC signs 15-year agreement with PETRONAS for Ruwais LNG project
Woodside signs revised EPC deal with Bechtel for Louisiana LNG
Vitol, Glencore Eye New Fortress’ Jamaica LNG Assets
