Jefferies analysts wrote in a research note that a recent decline in European natural gas prices would temper market concerns over the Russia burden, offering a "significant potential earnings tailwind into 2023." Russian ventures ![]() The energy company had previously said it was trying to legally separate its Russian business.Īccording to BASF's statement, 5.4 billion euros of the writedown for 2022 were new charges to be taken in the fourth quarter. Shares in BASF were down 0.5% at 10:27 GMT, having fallen as much as 2.2%.Īn impairment charge was expected but "the magnitude is nevertheless breathtaking," said Markus Mayer, an analyst at brokerage Baader Helvea. BP last May took a $24 billion writedown from its exit there, while TotalEnergies in October took a fresh impairment of $3.1 billion on top of earlier provisions of $7.6 billion.īASF's writedown comes about a month before the anniversary of Moscow's invasion of Ukraine, which triggered western sanctions and an exodus of western companies from Russia. Other oil firms had been quicker to face up to losing Russian assets. It was not immediately clear what would happen to the assets left behind.Ī LetterOne spokesperson said the investor was supportive of BASF's position but declined to comment further. "Russia's war of aggression in Ukraine is incompatible with our values and has destroyed cooperation between Russia and Europe," Mehren said in a statement late on Jan. The company specified that Russian presidential decrees had retroactively slashed the prices at which joint ventures can sell their oil and gas to Kremlin-controlled Gazprom. He added that limitations imposed by Russia on western-owned assets had made it impossible to operate properly "and resulted in an economic expropriation of the joint ventures in Russia." "Continuing to operate in Russia is not tenable," Wintershall Dea CEO Mario Mehren said. Russian billionaire Mikhail Fridman's investment firm LetterOne owns a 27.3% stake in it. Wintershall Dea has deep ties to Russia, including stakes in the Nord Stream gas pipelines and joint ventures with Russia's Gazprom. ![]() Meritorious Awards for Engineering Innovation (MEAs)īASF will take a 7.3 billion euro ($7.9 billion) writedown as its Wintershall Dea energy business pulls out of Russia, the German chemicals giant said, triggering a net loss for 2022.Rextag database of energy infrastructure assets Prices for top E&P stocks and commodities. Information on assets, buyers and sellers, deal values, and more.Ī searchable database of oil and gas debt and equity offerings.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |