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Neste Sells its Shares in Nynas to Bitumina Industries

Source: www.gulfoilandgas.com 9/18/2020, Location: Europe

Neste AB has sold its 49.99% shares in Nynas AB to Bitumina Industries Ltd on Tuesday 15 September 2020.

“We have been an owner in Nynas since the 1990’s and have seen the company develop into a global leader in naphthenic specialty oils and a premier bitumen partner in Europe. 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, recognizing also the ongoing reorganization process,” says Neste’s Chief Financial Officer Jyrki Maki-Kala.

Nynas is a Swedish manufacturer and marketer of naphthenic specialty oils and bitumen products. Nynas has four refineries: Harburg in Germany, Nynashamn and Gothenburg in Sweden and Eastham in the UK. Eastham is a joint venture with Shell.

The Bitumina Group is a vertically integrated specialty Bitumen company which has expanded its business on a global scale.

“We take great pride in having been able to acquire the shares of Neste in Nynas which is a natural expansion in our global industrial bitumen portfolio. We are certain that we can contribute to the successful future of Nynas”, says Bernd Schmidt, Executive Chairman of Bitumina Industries Ltd.

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