WINTERSHALL & RUSSIA: NO SANCTIONS
NGE. Rainer Steele, Chairman of the Board of Executive Directors of Wintershall, believes that economic sanctions from the EU against Russia will not remedy the situation in Ukraine and would not help anybody.
At Wintershall's 2014 press conference in Kassel, Germany, Steele stressed that there is no alternative to dialogue, and suggested that all parties involved sit a the negotiating table and not rule out partnerships.
Wintershall and Russia's Gazprom are partners on multiple projects including the Nord Stream and South Stream natural gas pipelines.
Also announced were plans to divest its shareholding in the Eastern German company Verbundnetz Gas AG (VNG) as part of Wintershall's strategy to concentrate on the upstream sector.
Wintershall reached an agreement that will see EWE Aktiengesellschaft take over Wintershall's 15.79 percent share in VNG, pending approval from competition authorities. The transaction is subject to board approvals from both companies and also requires the approval of the VNG annual general meeting. Purchase price was not disclosed.
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IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
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