Court clears extension to Nynas reorganisation

Stockholm — Nynas has gained approval from a Swedish court for an extension to its reorganisation plan for another three months, until 15 June, the company announced 20 March.

The decision in Södertörn's District Court will enable to process oils company to focus on the removal of US sanctions against it and on finalising long-term funding.

Last week, Nynas also reported that the US Treasury Department's Office of Foreign Asset Control (OFAC) was ready to remove sanctions once Venezuelan main shareholder PDVSA had reduced its ownership stake in Nynas. 

“Intense work to implement the measures and actions required to satisfy OFAC's demands are now ongoing,” said Nynas.

“To make planned and necessary purchases of crude oil going forward, negotiations are progressing with some of Nynas largest customers for an agreement on financing for deliveries of bitumen,” it added. 

Meanwhile, Nynas said its financial advisor Carnegie Investment Bank was working to secure short- and long-term financing with potential lenders and investors.