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Protest in front of the Wintershall headquarters
Photo: Fabian Sommer / dpa
What does a gas company do without gas from Russia?
write losses.
At least that is the annual balance sheet of the oil and gas group Wintershall Dea. The company had done good business in and with Russia for many years.
But that is now over - and that is reflected drastically in the company figures.
The end of Wintershall Dea's business in Russia last year caused a billion-dollar loss.
The bottom line was a loss of 4.8 billion euros in 2022, after a profit of 593 million euros in 2021, as the company announced on Thursday.
Because of the withdrawal from Russia, Wintershall Dea had already announced a one-time expense of 5.3 billion euros for the fourth quarter in mid-January.
Operating profit, meanwhile, rose to 5.9 billion euros from 3.1 billion in the previous year.
"There's no going back," says the CEO
The end of the business in Russia, which recently accounted for around 50 percent of all production, only came after a long hesitation and sometimes severe criticism of the group's course.
Ultimately, one is de facto economically expropriated in Russia, said Mehren.
The company now wants to grow outside of Russia, with Norway, Algeria, Argentina and Mexico already being targeted.
Among other things, SPIEGEL reported on the suspicion that fuel from a Wintershall joint venture in Russia was also being delivered to Russian military bases from which Ukraine had been bombed.
But "the war was clearly condemned from the start.
I am still shocked and horrified by this war and its consequences for the people in Ukraine," Mehren said.
In January, the company made the only possible decision: Wintershall Dea will withdraw completely and in an orderly manner from Russia.
"It is not justifiable to continue to be active in Russia," said Mehren.
"There is no going back.
We do not wait and hope that the situation will improve.
We are leaving Russia - this chapter of our history is closed.« The group now wants to set off for new shores.
In the future, Wintershall wants to focus on the hydrogen business, among other things.
beb/Reuters
