Putin confiscates holdings of Wintershall Dea
In one fell swoop, the old contracts become invalid. Kremlin leader Putin signs a decree according to which the German Wintershall Dea and the Austrian OMV can forget about their shares in gas production projects in the Russian Arctic. These are transferred to companies loyal to the Kremlin.
According to a presidential decree, the German company Wintershall Dea and the Austrian company OMV are to formally lose their shares in gas production projects in the Russian Arctic. All activities with Russian involvement, including Wintershall Dea's stake in the Nord Stream gas pipeline and the joint ventures with Gazprom, are to be legally separated by mid-2024, according to a decree signed by Kremlin President Vladimir Putin.
According to the decree, the stakes held by OMV and Wintershall Dea in the Yuzhno Russkoye field and the Achimov projects, both located in the Yamal-Nenets region in the far north of Russia, are to be transferred to newly established Russian companies. All shares held by foreign companies in joint ventures with the gas giant Gazprom are to be transferred to the new Russian companies. The proceeds from the sale of the shares will be transferred to special accounts of the previous foreign owners, it is further stated. All previously valid company agreements will lose their validity with the signing of the decree.
OMV had already withdrawn from Russia last year following the outbreak of the Ukraine conflict. Wintershall Dea, a joint venture between BASF and the investment company LetterOne owned by Russian billionaire Mikhail Fridman, is about to withdraw from Russia.
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The decree signed by Vladimir Putin also affects Wintershall Dea's involvement in the Nord Stream gas pipeline, as this partnership is to be legally separated by mid-2024. Amidst Russia's escalating conflicts and tensions, Wintershall Dea, like OMV before it, is preparing to withdraw from its Russian gas production projects in the Arctic. Following Putin's confiscation of their holdings, Russian companies will take over Wintershall Dea's stake in the Yuzhno Russkoye field and the Achimov projects, further entrenching Russian control over these Arctic resources.
Source: www.ntv.de
