BASF is looking into transferring Russian assets of its oil and gas business Wintershall Dea to co-investor LetterOne, a person familiar with the matter said, as the German chemicals giant tries to extricate itself from businesses in Russia. Offloading the assets could allow BASF to revive plans for an initial public offering of the remaining energy business, after it faced opposition against a listing from investment partner LetterOne. BASF said last week it had for now given up efforts to separately list Wintershall Dea due to the joint-venture's exposure in Russia, which is under Western-led sanctions for its invasion of Ukraine.
Margins at the world's biggest petrochemical firm jumped as it benefitted from passing soaring raw material costs to industrial customers.
BASF said it has given up efforts to separately list its oil and gas business Wintershall Dea via an initial public offering (IPO) for now due to the joint-venture's exposure in Russia. Wintershall Dea has interests in production facilities in Russia. The speech marks a reversal from February, when BASF said it was prepared to push through an IPO even as markets were roiled by Russia's attack on Ukraine.