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Södertörn's District Court today approved an extension of Nynas company reorganisation for another three months, until June 15. The reorganisation process will now continue with a focus on actions for removal of US sanctions applicable to the company and to finalise the long-term funding.
A key element for a successful reorganisation is to take Nynas out of the impact of US sanctions. As already communicated, the US Treasury Department's Office of Foreign Asset Control (OFAC) is ready to remove sanctions applicable to Nynas, once PDVSA have reduced their ownership interest in Nynas. Intense work to implement the measures and actions required to satisfy OFAC's demands are now ongoing.
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. In addition, Nynas financial advisor Carnegie Investment Bank is working in parallel on both the short- and long-term financing with potential lenders and investors.
Since December 13, Nynas have made good progress in the reorganisation process and we now have positive news regarding sanctions relief from OFAC. This gives both Nynas and the administrators confidence in completing the reorganisation in a successful manner.
Nynas’ new innovative insulating liquid NYTRO® BIO 300X has been successfully delivered to and tested in a transformer serving electricity customers in Gothenburg, Sweden. The city’s utility company Göteborg Energi opted to use the bio-based and biodegradable insulating liquid in a transformer located in a sensitive water protection area.Read more about NYTRO® BIO 300X fulfilling promises in Gothenburg, Sweden
Explosives that contain highly refined oil with a low sulphur and aromatic content generate lower greenhouse gas emissions.Read more about Nynas blasts through the boundaries