With great dismay and consternation, Burckhardt Compression has observed the news about the conflict between Russia and Ukraine. As a consequence, the Board of Directors and the Executive Management have decided not to accept any new orders from or for Russia with immediate effect.
This applies to both the Systems and the Services Division. Burckhardt Compression has no subsidiaries or own employees in Russia and Ukraine. On average over many years, approximately 2 - 5% of the company's sales are generated in Russia.
For the current projects, Burckhardt Compression strictly adheres to the applicable export control guidelines and to the applicable sanctions law. In the current fiscal year, which ends on 31 March 2022, orders with a value in the low-to-mid double-digit million range are scheduled for delivery. Whether these deliveries can still be processed under the current and any further sanctions provisions is currently being clarified. However, the outlook communicated at the beginning of this financial year, with sales of CHF620 - 650 million and an EBIT margin above the previous financial year, is not jeopardised by this.
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/14032022/burckhardt-compression-suspends-all-business-with-russia/
You might also like
As a result of the shutdown of Suncor's 103 000 bpd oil refinery in Commerce City, Colorado, US, supply of diesel and gasoline has been disrupted, and prices have risen.