Daily Management Review

BASF reports losses due to energy crisis


According to German news channel n-tv, due to rising energy costs and write-offs on its shares in the oil and gas business of Wintershall Dea, German chemical company BASF recorded losses of €1.4 billion last year.

"BASF suffered significant losses in 2017 as a result of multibillion write-downs on its oil and gas holdings in Wintershall Dea," the channel noted.

After reporting an after-tax profit of more than €5.5 billion the year before, the chemical giant reported a loss of about €1.4 billion, the reporters added citing unofficial business statistics.

German energy business Wintershall Dea announced on Tuesday that it had decided to totally withdraw from Russia while abiding by all legal requirements.

source: n-tv.de