The Swedish refiner is currently reorganising its business under a court-administered process
Finland’s Neste announced that it has sold its 49% stake in Swedish oil refiner Nynas AB to Bitumina Industries for an undisclosed amount.
Nynas is a manufacturer and marketer of naphthenic specialty oils and bitumen products.
The company has four refineries that include Harburg in Germany, Nynäshamn and Gothenburg in Sweden and Eastham in the UK.
The Eastham refinery is a joint venture with the global oil and gas company Shell.
Neste’s chief financial officer Jyrki Mäki-Kala said: “We have been an owner in Nynas since the 1990’s and have seen the company develop into a global leader in naphthenic specialty oils and a premier bitumen partner in Europe.
“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, recognizing also the ongoing reorganization process.”
Bitumina is now the largest shareholder in Nynas
With the acquisition of Neste’s stake, Dubai’s Bitumina has now become the largest shareholder in Nynas, with a 50% stake.
The Dubai-based Bitumina is a global bitumen company with a presence in more than 100 countries.
Swedish foundation Nynässtiftelsen owns 35% in Nynas, while the remaining stake of 15% is held by Venezuela’s state-owned oil firm PDVSA.
Currently, the Swedish refiner is reorganising its business under a court-administered process.
Nynas has been hit by US sanctions against PDVSA, which reduced its stake in the company in May, Reuters reported.
Nynas stated: “The ownership change announced today is an important step in the ongoing company reorganisation of Nynas. To successfully complete the reorganisation, discussions continue with Nynas main creditors.”
The company has applied for an extension of the company reorganisation process.
A court decision on the extension is expected on 17 September.