Stockholm – Finnish energy group Neste has sold its 49.99% stake in Nynas AB to Bitumina Industries Ltd, thereby making the Dubai-based bitumen specialist the largest shareholder in the Swedish oil refiner.
The move is “an important step” in an ongoing reorganisation plan at Nynas, as it continues discussions with main creditors, Nynas said in a 16 Sept statement.
“We believe that the sale of Neste’s shares in Nynas to an industrial player with a strong focus in the same sector is the right solution for Nynas,” said Neste’s chief financial officer JyrkiMaki-Kala.
The Stockholm-based processing oils supplier launched the reorganisation bid late last year following its failure to secure loan extensions from banks or pay due debts.
The financial problems were linked partially to sanctions imposed by the US treasury department’s office of foreign asset control (OFAC) on Nynas’s 50% shareholder PDVSA of Venezuela.
As part of the reorganisation process, Nynas reduced PDVSA’s share ownership to 15% in May, which consequently led to the OFAC's lifting of sanctions on Nynas.
Nynässtiftelsen owns the remaining 35% in the company.