Finnish biofuel producer and oil refiner Neste has announced that it has sold its 49.99% stake in Swedish oil refiner Nynas to Bitumina Industries for an undisclosed sum.
Nynas is a manufacturer of naphthenic specialty oils and bitumen products. It has refineries in Harburg, Germany, Nynäshamn and Gothenburg, Sweden and Eastham, England.
With this transaction, Bitumina Industries is now the largest shareholder in Nynas, holding nearly 50% of the shares.
Other stakeholders in Nynas include Swedish foundation Nynässtiftelsen (35%) and Venezuela’s state-owned oil firm PdVSA (15%).
Neste 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, recognising also the ongoing reorganisation process”.
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By GlobalDataDubai-based Bitumina Industries is a global bitumen firm with a presence in over 100 countries.
Bitumina Industries executive chairman Bernd Schmidt 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”.
Neste recently announced restructuring plans for its refinery operations in the Porvoo and Naantali regions of Finland.
Last month, Neste signed an agreement with Air bp to provide an increased amount of SAF to airport customers this year and next year.
