The oil and gas group Wintershall Dea posted high losses in the first quarter due to a multi-billion dollar write-down on assets related to its Russian business.
The net loss amounted to one billion euros in the first three months, announced the majority stake in BASF on Thursday in Kassel.
Adjusted for special effects such as depreciation, the surplus increased from EUR 171 million in the previous year to EUR 669 million thanks to the sharp rise in oil and gas prices.
The war is a "fundamental turning point" both for geopolitics and for Wintershall Dea directly, said company boss Mario Mehren.
“There can be no 'keep it up' with Russia now.
there won't be.
There is no doubt about that.”
Mehren showed understanding for the demand for an energy embargo and an immediate halt to all existing projects in Russia.
But he also understands the complex dilemma in which the federal government is stuck.
Because she bears great responsibility for Germany, for competitiveness, for prosperity and social peace.
Gas imports from Russia could “be replaced.
But not fast," he added.
Wintershall Dea emerged in 2019 from the merger of Wintershall Holding GmbH and Dea AG.
The company, based in Kassel and Hamburg, employs almost 2,500 people worldwide.
BASF holds a good 70 percent in Wintershall Dea.
The rest is owned by LetterOne, a holding company in which Russian oligarch Mikhail Fridman pooled his Dea shares.