Nynas exits US sanctions

Nynas exits US sanctions

The US Treasury Department’s Office of Foreign Asset Control (OFAC) announced today that Nynas is no longer being blocked pursuant to the Venezuela Sanctions Regulations. As a result of a corporate restructuring of the ownership of Nynas AB sanctions are lifted, and US persons and companies no longer require an authorization from OFAC to engage in transactions or activities with Nynas AB. As a consequence, general license GL 13E is removed.


“This means an end to many years of having to carry the unfair burden for a Swedish company of being subject to US sanctions. This led to an increasingly deteriorating financial situation, which ultimately forced Nynas into reorganisation at the end of last year”, says Nynas President Bo Askvik. “Our focus now is to successfully end the ongoing reorganisation process and having exited sanctions Nynas will be able to return to normal trading conditions and secure long-term financing.”


Since the 13th December 2019, Nynas has made good progress with the reorganisation process. The removal of the US sanctions impacting Nynas was made possible by the reduction in the ownership share and control of the company by PDVSA, the Venezuelan state-owned oil company. With the now confirmed statement regarding sanctions relief from OFAC, both Nynas and the administrators believe that the basis exists for finalizing the reorganisation successfully.


Under the terms of the restructuring of Nynas's shareholders and board of directors reviewed and approved by OFAC, PDVSA has reduced the percentage of Nynas shares it owns to 15 percent of all shares currently issued. The 35 percent divested by PDVSA are now controlled by an independent Swedish foundation under no influence by PDVSA, established to enable a reduction in PDVSA's ownership interest. The Nynas board of directors will have in total nine directors, including one director representing PDVSA, two employee representatives and an independent chairman.


Nynas has agreed to an ongoing reporting requirement with OFAC regarding any future changes to Nynas's shareholders and board of directors, as long as PDVSA is an SDN (Specially Designated National).


As Nynas now is out of sanctions, financing is available to secure necessary crude oil purchases going forward.
“The situation that Nynas has found itself in due to the US sanctions has placed tough demands on all parties involved, and intolerable pressure on our staff. I would like to express that we are very grateful for the support from our suppliers and customers. Our partnerships truly go beyond mere commercial transactions. Our brand is strong, and this is the result of efforts made by all of the loyal and hardworking staff in Nynas. We are now ready to take back our lost market shares, and more.” says Bo Askvik.


www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20200512.aspx

14.5.2020 17:59:00
711

Worldwide - Last Added

SGS acquires SYNLAB Analytics & Services

SGS acquires SYNLAB Analytics & Services

SGS, the leading global testing, inspection and certification company, announced the acquisition of SYNLAB Analytics & Services (A&S), a leading European environmental, food ...

15.1.2021 10:37:00
43
Evonik opens Asia Pacific Oil Additives Performance Test Lab

Evonik opens Asia Pacific Oil Additives Performance Test Lab

Evonik announced the opening of a new Asia Pacific Oil Additives Performance Lab in Shanghai. This new performance test lab, housing state-of-the-art laboratory facilities and ...

12.1.2021 10:01:00
117
Rethinking virtual events

Rethinking virtual events

At 9am CET on Tuesday January 19th 2021, up to 500 attendees will convene for the launch of ACI’s European Base Oils & Lubricants Online series. They will, however, not be ...

11.1.2021 17:38:00
45
Windrose Airlines selects NYCO turbine oil for its mixed fleet

Windrose Airlines selects NYCO turbine oil for its mixed fleet

NYCO announces that Windrose Airlines, a Ukrainian airline based in Kiev, selected Turbonycoil® 600, a synthetic turbine oil, to lubricate the engines of its whole fleet. ...

31.12.2020 12:33:00
78
Nynas successfully exits reorganisation

Nynas successfully exits reorganisation

The District Court of Södertörn today decided that the Nynas company reorganisation is now complete, following a creditors meeting where the previously submitted ...

2.12.2020 18:27:00
277
NYCO to host a webinar on syntetic esters on December 1st

NYCO to host a webinar on syntetic esters on December 1st

NYCO is organizing a free webinar "Lubrication in Environmentally Sensitive Areas: Making the Right Choice with Esters". This will be the third session of the webinars hosted by ...

26.11.2020 18:21:00
126
Evonik and MCC signed distribution partnership agreement for North America

Evonik and MCC signed distribution partnership agreement for North America

MidContinental Chemical Company, Inc. (MCC) announced that it has been selected by Evonik Oil Additives to be their distribution partner in the United States and Canada. MCC will ...

4.11.2020 17:29:00
283
Biosynthetic® Technologies launches a new line of oleo derived additives

Biosynthetic® Technologies launches a new line of oleo derived additives

Biosynthetic® Technologies announced the launch of their new product line of novel additives for the metalworking fluids market called Biocea™. These products will be ...

3.11.2020 11:00:00
308
Infineum invests $40M in NDG plant to enhance supply reliability for customers

Infineum invests $40M in NDG plant to enhance supply reliability for customers

Infineum, a joint venture between ExxonMobil and Shell, announces the on-site arrival of a third Magnesium Sulfonate reactor at Port-Jérôme for installation and use ...

2.11.2020 13:37:00
283
Formal exit from Nynas reorganisation initiated

Formal exit from Nynas reorganisation initiated

A composition proposal as well as an administrators’ report have today been distributed to the creditors, by Nynas AB and the administrators. The composition proposal ...

30.10.2020 12:15:00
126