The German company Wintershall Dea has decided to stop financing the Nord Stream 2 gas pipeline and stop all oil and gas projects that it had in Russia.
Wintershall Dea, which has oil extraction projects in Mexico, is one of the five companies that financed part of the gas pipeline that would carry gas from Russia to Germany. The French Engie and the giant Shell were also part of this list. The second announced a few days ago his departure from Russia.
The approval of the gas pipeline had already been suspended last week by the German authorities. The construction of the gas pipeline had already been completed since last September, but approval for its start-up was still pending. The Nord Stream 2 would have the capacity to provide enough gas for 26 million European homes and thereby remedy high prices.
The German company Wintershall Dea has decided to stop financing the Nord Stream 2 gas pipeline and stop all oil and gas projects that it had in Russia.
Wintershall Dea, which has oil extraction projects in Mexico, is one of the five companies that financed part of the gas pipeline that would carry gas from Russia to Germany. The French Engie and the giant Shell were also part of this list. The second
The approval of the gas pipeline had already been suspended last week by the German authorities. The construction of the gas pipeline had already been completed since last September, but approval for its start-up was still pending. The Nord Stream 2 would have the capacity to provide enough gas for 26 million European homes and thereby remedy high prices.
The amount of financing canceled is around 1,000 million euros. Wintershall Dea had announced a few weeks ago that they expected compensation for their investments if the pipeline was canceled for political reasons.
Wintershall Dea has also seen all its payments from Russia suspended. The company will not receive income from its business in the country as part of the sanctions imposed to put pressure on the government of Vladimir Putin.
In a statement the company said the conflict between Russia and Ukraine “has shaken the foundations of the company’s activities to the core” and also ruled out new projects in Russia.
In recent times, the German company has turned its strategy towards the gas business, in which Russia – one of the main producers of the fuel – played a relevant role.
