(Reuters) - Finland's Neste NESTE.HE said on Tuesday it had sold its 49.99% stake in struggling Swedish oil refiner Nynas AB to Dubai's Bitumina Industries.
Nynas is in the midst of a court-administered process to reorganize its business after being hit by U.S. sanctions against its then-main owner, Venezuela’s state-owned oil firm Petroleos de Venezuela [PDVSA.UL]. After PDVSA in May cut its stake to 15%, Nynas is no longer subject to the sanctions.
“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,” Neste’s Chief Financial Officer JyrkiMaki-Kala said in a statement.
Nynas applied for an extension of its reorganisation process earlier in September.
“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,” Nynas said in a separate statement.
PDVSA’s 35% stake was sold in May to a Swedish foundation, Nynasstiftelsen.
Reporting by Anne Kauranen and Anna Ringstrom, editing by Louise Heavens and David Evans
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