ERROR 1
ERROR 1
ERROR 2
ERROR 2
ERROR 2
ERROR 2
ERROR 2
Password and Confirm password must match.
If you have an ACS member number, please enter it here so we can link this account to your membership. (optional)
ERROR 2
ACS values your privacy. By submitting your information, you are gaining access to C&EN and subscribing to our weekly newsletter. We use the information you provide to make your reading experience better, and we will never sell your data to third party members.
BASF has taken a massive write-off of assets—$5.8 billion in the fourth quarter—for Wintershall Dea as the oil and gas affiliate exits completely from its Russian operations. The write-down includes the value of Wintershall Dea’s stake in the Nord Stream pipeline from Russia to Germany. BASF has taken a total of $7.8 billion in write-offs in 2022 related to Wintershall Dea, in which it owns a 73% interest. “Continuing to operate in Russia is not tenable. Russia’s war of aggression in Ukraine is incompatible with our values and has destroyed co-operation between Russia and Europe,” Wintershall Dea CEO Mario Mehren says in a statement. He also accuses Russia of expropriating Wintershall Dea’s joint ventures in the country. In its preannouncement of 2022 earnings, BASF says it expects a loss of $1.5 billion for the year, primarily because of the write-down. It earned nearly $6.0 billion in 2021.
Join the conversation
Contact the reporter
Submit a Letter to the Editor for publication
Engage with us on X