In the presence of Danish royalty, Ineos and Wintershall Dea, lead players in 23-member Project Greensand consortium, last week inaugurated what is being touted as the world’s first safe injection of carbon dioxide – into a depleted North Sea oil field operated by Ineos.
Russia’s invasion of Ukraine in February 2022 cut a huge hole in the balance sheet of German chemical giant BASF. In preliminary figures published on Jan. 17, 2023, the Ludwigshafen group said it expected to post a related net loss of nearly €1.4 billion for the full year.
Under pressure from economic sanctions imposed on Russian assets by Europe and the US after Russia’s invasion of Ukraine, Wintershall Dea, the German oil and gas producer owned to 67% by BASF said it will write off its €1.1 billion financing of the Nord Stream 2 natural gas pipeline project and will not pursue any new projects in Russia.
An initial public offering for Wintershall Dea, the oil and gas producer owned by BASF and Letter One – last planned for the second half of 2021 – will not take place this year, the partners announced on Jun. 16, citing an uncertain market.
