Change in ownership of Nynas

Neste sell entire shareholding in Nynas to Bitumina; important step in reorganization of Nynas

FINNISH oil and engineering services company Neste announced today that they have sold their entire shareholding in Nynas to Bitumina Industries, a vertically integrated global bitumen company active in more than 100 countries.

Nynas, the Swedish manufacturers and marketers of naphthenic specialty oils and bitumen products, have four refineries at Harburg in Germany, Nynäshamn and Gothenburg in Sweden, and Eastham in the UK, the latter being a joint venture with Shell.

As a result of the ownership change, Bitumina are now the largest shareholders in Nynas AB, holding a 50% stake, whilst independent Swedish foundation Nynässtiftelsen owns 35% and Venezuelan state-owned oil company PdVSA own the remaining 15%.

Neste’s chief financial officer, Jyrki Mäki-Kala, said: ‘We have been an owner in Nynas since the 1990s 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.’

The change in ownership marks an important step in the ongoing company reorganization of Nynas. To successfully complete the reorganization, discussions continue with Nynas’ main creditors.

To this end, Nynas have applied for an extension of the reorganization and a court decision is expected on 17 September. Nynas and the administrators say they expect to complete the reorganization process within the coming three-month period.

Bernd Schmidt, executive chairman of Bitumina Industries Ltd, said: ‘We take great pride in having been able to acquire the shares of Neste in Nynas, which is a natural expansion in our global industrial bitumen portfolio. We are certain that we can contribute to the successful future of Nynas.’