Neste’s minority owned Nynas AB has filed for company reorganisation

Nynas AB, where Neste is a minority-owner with a 49.99% ownership, has filed for company reorganisation on 13 December 2019. With this action Nynas’ Board of Directors is aiming to find a long-term solution to secure the operations of Nynas. The company’s operations have been severely impacted this year by the sanctions imposed on the majority-owner, Venezuela’s state-run PdVSA. 

“Neste is a minority shareholder at Nynas. Together with other shareholders, we have tried to find a long-term solution from the moment the sanctions started affecting the company. We are still trying to find that solution, not least for the people working at Nynas,” Neste’s Chief Financial Officer, Jyrki Mäki-Kala says.

“Neste has written off 100% both our shareholder loan for Nynas as well as the balance sheet value. Together these total approximately EUR 180 million, equal to around 1.9 billion SEK. Unfortunately due to the company reorganisation process, we cannot disclose what kind of measures are currently being undertaken,” Mäki-Kala continues.

Neste in brief

Neste (NESTE, Nasdaq Helsinki) creates sustainable solutions for transport, business, and consumer needs. Our wide range of renewable products enable our customers to reduce climate emissions. We are the world’s largest producer of renewable diesel refined from waste and residues, introducing renewable solutions also to the aviation and plastics industries. We are also a technologically advanced refiner of high-quality oil products. We want to be a reliable partner with widely valued expertise, research, and sustainable operations. In 2018, Neste’s revenue stood at EUR 14.9 billion. In 2019, Neste placed 3rd on the Global 100 list of the most sustainable companies in the world. Read more: neste.com