STOCKHOLM—Finnish energy group Neste has sold its 49.99 percent stake in Nynas A.B. to Bitumina Industries Ltd., making the Dubai-based bitumen specialist the largest shareholder in the Swedish oil refiner.
The move is an important step in an ongoing reorganization plan at Nynas as it continues discussions with main creditors, Nynas said in a Sept. 16 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 reorganization bid late last year after failing to secure loan extensions from banks or pay due debts.
The financial problems partially were linked to sanctions imposed by the U.S. treasury department's office of foreign asset control (OFAC) on Nynas's 50 percent shareholder PDVSA of Venezuela.
As part of the reorganization process, Nynas reduced PDVSA's share ownership to 15 percent in May, which led to the OFAC lifting sanctions on Nynas.
Nynaesstiftelsen owns the remaining 35 percent in the company.