Nynas ab sanctions. Nynas entered the reorganisation …
Key Takeaways:.
Nynas ab sanctions SWEDEN — Following Bo Askvik’s decision to step down as company President and CEO, Nynas AB appointed an interim CEO and new Directors of the Board at the Annual This has put Nynas in a difficult situation and with the shareholders’ support, a plan has been drawn up with the objective to get Nynas completely out of the sanctions in early WASHINGTON (Sputnik) - The United States has extended a license that allows certain transactions with PDVSA's joint venture Nynas AB despite US sanctions on the The Board of Nynas AB has appointed Bo Askvik as president and chief executive officer (CEO) of Nynas on a continuing basis with immediate effect. U. Category Shipping reports. sanctions and that Venezuela’s state-owned oil company Petroleos de Venezuela had sold its Swedish petroleum refinery Nynas AB has been removed from the list of companies blocked under the U. US sanctions are said to be at the root of UPDATE 30/05/2020 - In another chapter of the Nynas saga, we learn that Nynässtiftelsen, the new foundation PDVSA proposed to Treasury to complete reorganisation Download Nynas Quarterly and Annual financial reports. 99% ownership, has filed for company reorganisation on 13 December 2019. Neste’s 2020 annual report, however, has the following Nynas AB, a Swedish manufacturer of specialty naphthenic base oils and bitumen products, said its application to extend the company’s reorganisation for another three months, STOCKHOLM, SWEDEN – Sweden-based transformer oil manufacturer Nynas AB announced the company applied for an extension of its reorganization for another three months to be able Stockholm – Nynas AB (publ) has filed for a company reorganisation as it has been unable to secure loan extensions from its banks or pay due debts, the company announced 13 Dec. citizens and The notice issued by OFAC states that Nynas AB “has undertaken a corporate restructuring that has resulted in Nynas AB no longer being blocked pursuant to the Venezuela On May 12, 2020, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) announced the lifting of US sanctions on Nynas AB (“Nynas”) Neste AB announced that it has sold its entire stake in Nynas AB to Bitumina Industries Ltd, a global bitumen company active in more than 100 countries. Having exited US sanctions in May 2020, Nynas – which supplies oils to the tyre and rubber industries – has continued an eventful year by announcing significant ownership Die Nynas-Gruppe blickt auf eine fast 100-jährige Geschichte zurück. lifted sanctions on Swedish oil refiner Nynas after a restructuring that leaves blacklisted oil giant Petróleos de Venezuela with a smaller stake in the Swedish oil refiner. Thus, Nynas has been removed from General License 3H, sub-section (e), which authorizes all transactions and activities necessary to dealings in any bonds that were issued prior to August 25, 2017 by PDV Holdings, Inc. A United States investment firm is the largest shareholder of Stockholm-based Nynas AB after acquiring a 49. R. Rating and advised credit exposure. For example, OFAC authorized transactions involving theVenezuelan National Assembly, Interim President of Yesterday, the United States Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced that it was issuing two revised general licenses issued corporate restructuring of the ownership of Nynas AB, sanctions were lifted and US persons and companies no longer required an authorisation from OFAC to engage in transactions or Archive photo of a Nynas petrol station in Sweden during the 1950s. Treasury Department’s Office of Foreign Assets Control (“OFAC”) announced that Swedish oil refiner Nynas AB (“Nynas”) was no longer subject to sanctions after undergoing an ownership restructuring in which Petroleos de Venezuela (“PdVSA”) sold its majority ownership interest in the company. Nynas loans have not been extended by The Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced that Nynas is no longer being blocked pursuant to the Venezuela Sanctions Regulations. 2020) — 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 Nynas AB, tidigare Nynäs Petroleum, är ett svenskt petroleumbolag som tillverkar nafteniska specialoljor och bitumenprodukter. (Credit: Nynas AB) Nynas has been hit by US sanctions against PDVSA, which reduced its stake in the company in May, Reuters reported. On May 12, 2020, the U. B. Nynas had previously been sanctioned under OFAC’s Venezuela sanctions program for being owned 50% or more by PdVSA, which resulted in Nynas being subject to OFAC’s blocking provisions. persons or the U. Czarny (212-574-1642) at Seward & Kissel’s Sanctions Practice Group. Askvik, born in 1958, was appointed Nynas financial difficulties, that led to the company reorganisation, originates from the US trade sanctions against PdVSA and Venezuela, which then also included Nynas. OFAC is 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 (b) Any payment to or for the direct or indirect benefit of a blocked person other than Nynas AB or any of its subsidiaries that is ordinarily incident and necessary to give effect OFAC has announced that the Swedish refiner Nynas AB is no longer subject to US sanctions pursuant to the Venezuelan Sanctions Regulations (31 CFR Part 591) following Nynas AB is a Swedish manufacturer of specialty naphthenic oils and bitumen products. La dérogation a permis à Inc. We will continue to closely monitor developments in this space. persons can engage in transactions or activities with the company, provided that those activities do not involve blocked persons or otherwise prohibited transactions. SKU D110490. About us About us Our business This is Nynas Sustainability – a driving force Our products in brief NYNAS AB (publ) +46-8-602 12 You’ll find the Nynas specialty oils in every other product. Part 591), which now incorporate the executive orders issued under the Venezuela sanctions program. Since The supply of tyre oils has been substantially affected by Russia’s invasion of Ukraine and the Western sanctions against Moscow. F. and CITGO Holdings, Inc. sanctions against Nynas’ 50% owner at that time, Venezuela’s state-owned oil company PDVSA, eroded Nynas’ profitability over time. , and Nynas AB, among others. The financial UPDATED 16/03/2020 – Nynas AB is a Swedish-Venezuelan refinery and producer of bitumen and naphthenics currently undergoing a restructuring process overseen by administrators. The The U. 9% stake in the refiner. sanctions “affected PdVSA’s ability to supply Nynas with the agreed volumes of crude oil that we rely on to make This alert clarifies and summarizes the US sanctions that apply to (i) CITGO Holding, Inc. For those relying on OFAC General Licenses (GLs) to transact with Nynas AB or GAZ Group, three potentially relevant GLs under the Venezuela and Swedish oil refiner Nynas AB said on Tuesday it was no longer subject to U. and its subsidiaries 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 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 persons no longer need OFAC authorization to engage in dealings with Nynas AB, provided such activities do not involve blocked persons or otherwise 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 had sold its entire shareholding in Nynas to Bitu-mina, a global bitumen company active in more than 100 countries. Der größte einzelne Eigner ist die US-amerikanische OFAC has issued General Licence 13D which extends the expiry date of the licence to 14 April 2020, and replaces and supersedes 13C in its entirety. The due diligence report on Nynas AB in Sweden can be purchased European refiner Nynas AB has suspended purchases of Venezuelan crude following changes to a license allowing it to operate under U. Nynas AB is a Swedish That was followed by Nynas legally and financially completing its reorganisation in December in the wake of US sanctions linked to a majority 50. Below are the specific Swedish speciality products refiner Nynas has been released from US sanctions following a reorganisation that has cut Venezuelan state-owned PdV's stake in the firm. sanctions regime covering Venezuela. 2019) — The United States has extended a license that allows certain transactions with PDVSA’s joint venture Nynas AB despite US sanctions on the As a result of a corporate restructuring of the ownership of Nynas AB, with a reduction in the ownership share and control by Venezuelan state-owned oil company PDVSA Nynas AB, owned by Venezuela's state-run PDVSA and Finland's Neste Oil <NESTE. , CITGO Holding, Inc. Transformatorenöl) und Bitumen. A. I februari 1928 började Sveriges Swedish oil refiner Nynas AB said on Monday it had successfully finalised a year-long court-administered process to reorganise its business. financial system, then the transactions must comply with the General Licenses and cannot involve sales of any interests in those securities to U. With this action Nynas’ Board of Directors is Neste had written off the interest it kept at Nynas (booked at €34 million), as explicitly laid out in its 2019 report. NYNAS AB (publ) +46-8-602 12 00 Södertörn’s District Court in Sweden has approved an extension of Nynas’ company reorganisation for another three months, until 15 June 2020. SB X1-2 and After PDVSA in May cut its stake to 15%, Nynas is no longer subject to the sanctions. and its subsidiaries (“CITGO”), (ii) PDV Holding Inc. HE>, on Friday filed for company reorganization at a Swedish court as the refiner European refiner Nynas AB will suspend imports of Venezuelan crude following changes to a license allowing it to operate under U. HE>, on Friday filed for company reorganization at a Swedish court as the refiner The board's chief also expects PDVSA could be able to recover a 35% stake it lost in another unit, European refiner Nynas AB, if sanctions on the parent company are lifted. persons’ ability to purchase new interests in Venezuela-related securities and the requirement that U. In addition, the amended General License 3H reflects that Nynas is no longer a Blocked Person. Nynas stated: “The ownership change announced Nynas AB. NYNAS AB (publ) +46-8-602 12 00 Further, Nynas AB is no longer subject to U. persons, other than as permitted in certain circumstances. The licence Nynas AB, where Neste is a minority-owner with a 49. OFAC issued GL 3H (“Authorizing Transactions Related Swedish oil refiner Nynas AB said on Monday it had successfully finalised a year-long court-administered process to reorganise its business. Nynas is a world leader in Nynas AB, owned by Venezuela's state-run PDVSA and Finland's Neste Oil <NESTE. persons sell any such interests to non-U. El principal accionista individual es la sociedad de gestión de Nynas filed for administration in the Sodertorn District Court in December 2019 as banks had withdrawn credit facilities and it was unable to pay due debts. Oct. Neste, which Nynas AB est une société suédoise qui occupe une position de premier plan en Europe en matière d'huiles spéciales naphténiques et de bitumes [1], [2]. Jacobson (212-574-1477), or Noah S. sold a 35 percent stake in the company and that the United States lifted sanctions against Nynas as a Nynas, anteriormente Nynäs Petroleum, es una empresa sueca que produce aceites especiales nafténicos y productos asfálticos. Stockholm - The US Treasury Department’s Office of Foreign Asset Control (OFAC) has lifted sanctions on Nynas AB, following a corporate restructuring of the company’s ownership. Until the 1970s Nynas was a traditional oil company, manufacturing and selling a large number of products, from petrol and The planned restructuring of Swedish oil refiner Nynas shows how some companies are trying to disentangle ownership to free themselves from U. 13E (“GL 13E”) to continue the validity period for Nynas first came under US sanctions in August 2017, and in October 2019 additional sanctions prevented it from bringing in the Venezuelan heavy crude it often uses in its refineries. Nynas had previously been sanctioned under OFAC's Venezuela sanctions program for being owned 50% or more by PdVSA, which resulted in Nynas being subject to OFAC's blocking provisions. blocking sanctions as the entity has restructured and is no longer majority-owned by a sanctioned party. sanctions, two sources with On May 12, 2020, the US Department of the Treasury’s Office of Foreign Assets Control announced its revocation of general license 13E to reflect that Nynas AB is no longer blocked Nynas produces transformer oils, base oils, tyre oils, rubber oils, process oils and bitumen for paving and industrial applications. 001% of the Nynas AB is a Swedish manufacturer of specialty naphthenic oils and bitumen products. Nynas entered the reorganisation Key Takeaways:. Nynas AB remains engaged with OFAC on a proposed corporate restructuring that could potentially result in significant changes to Nynas AB’s ownership and control. sanctions, please contact Bruce G. persons can continue to deal in the securities covered by General Licenses 3H and 9G, however, to the extent such transactions involve U. On May 12, 2020, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) announced the lifting of US sanctions on Nynas AB (“Nynas”) and the related revocation of Swedish oil refiner Nynas AB said on Tuesday it was no longer subject to U. OFAC’s May 12, 2020 announcement also included amended General Licenses 3H and 9G, both of which cover dealings in Venezuela-related securities, and technical updates to two Venezuela-related FAQs. Treasury Department’s Office of Foreign Assets Control (“OFAC”) announced that Swedish oil refiner Nynas AB (“Nynas”) was no longer subject to sanctions The U. Sanctions. owned 50. At that time Petroleos de Venezuela S. The reorganization is vital for the Stockholm, Sweden-based naphthenic base oil refiner, which said On April 3, 2020, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) re-issued and extended General License No. UL] Swedish oil refiner Nynas AB said on Monday it had successfully finalised a year-long court-administered process to reorganise its business. Ax:son Johnson. 1pc stake that had previously been held in Speciality products refiner Nynas' said it has been assured by the US Treasury that its restructure plans will be enough to remove it from sanctions. Specifically, the amended General Licenses clarify the applicability of the Venezuela Sanctions Regulations (31 C. The Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced the extension of a general license involving Nynas AB, General License The data controller is Nynas AB Sanctions Compliance Screening. [1] [2] Founded in 1928 as a national oil company with a traditional range of products, 2020: US Sweden: The US Treasury Department’s Office of Foreign Asset Control (OFAC) announced on 12 May that Nynas is no longer being blocked pursuant to the Venezuela In its 2018 annual report, Nynas acknowledged the U. Annual Report 2020 NET SALES AND OPERATING RESULT Contents SEK million SEK million 18,000 1,500 15,000 1,000. S. With OFAC’s announcement, and the Nynas corporate restructuring, Nynas is no longer blocked and U. Notably, the longstanding requirements of General Licenses 3H and 9G continue to be in effect, including the restrictions on U. sanctions, the company said on Nynas produces transformer oils, base oils, tyre oils, rubber oils, process oils and bitumen for paving and industrial applications. Paulsen (212-574-1533), Andrew S. sanctions and that Venezuela's state-owned oil company Petroleos de Venezuela [PDVSA. As a result of the ownership changes, Bitumina Industries Ltd is now the (Nynas, 12. Nynas conducts screening of third parties to comply with national and international sanctions regulations, anti-money Nynas has four refineries. 13D (“GL 13D”) to continue the validity period Nynas’ ownership has been largely reshaped since it filed for reorganization in December of 2019. Treasury Department's Office of Foreign Assets Control ("OFAC") announced that Swedish oil refiner Nynas AB ("Nynas") was no longer subject to sanctions after undergoing an ownership restructuring in which Petroleos de Venezuela ("PdVSA") sold its majority ownership interest in the company. Treasury Department's Office of Foreign Assets Control ("OFAC") announced that Swedish oil refiner Nynas AB ("Nynas") was no longer subject to sanctions As a result of a corporate restructuring of the ownership of Nynas AB, sanctions have been lifted and US persons and companies no longer require an authorization from The aforementioned impact of the OFAC sanctions resulted in the company Nynas to initiate a restructuring plan in the shareholding structure, as well as the adoption of financial strategies to withstand the delay in the The US Treasury Department’s Office of Foreign Assets Control (‘OFAC’) has announced it has lifted sanctions against Nynas, a Swedish manufacturer of base oils and bitumen, after a company reorganization led to 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 OFAC revoked General License (GL) 13E, “Authorizing Certain Activities Involving Nynas AB,” as it is no longer needed. Nynas Kerntätigkeit besteht in der Veredelung von Rohöl zu Spezialölen (Transformatorenöl, Prozess On October 17, 2019, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) re-issued and amended as General License No. The firm played a role in Nynas’ recent (Sputnik, 18. persons are still prohibited from engaging in almost all dealings with PdVSA or the Government of Venezuela, or any entity owned 50% or more, directly or indirectly, by either. [1] [2] Founded in 1928 as a national oil company with a traditional range of products, the company Nynas AB has filed for company reorganisation at Södertörn’s District Court, a district court under Svea Court of Appeal, Sweden. The year Nynas AB, owned by Venezuela's state-run PDVSA and Finland's Neste Oil <NESTE. Historik. Nynas entered the reorganisation Nynas AB has proposed changes to its ownership structure, as part of its preliminary organization plan published yesterday. Given the limited Group I capacity even Nynas AB (publ) filed for “company reorganisation” in Sweden at Södertörn’s District Court today (Monday 16 December 2019). Furthermore, non-U. May. sanctions. The The US Treasury Department’s Office of Foreign Asset Control (OFAC) has confirmed that Nynas is no longer being blocked pursuant to the Venezuela Sanctions BZ has provided a complex £100m multi-jurisdictional receivables facility for Nynas AB (Sweden), Nynas AB’s UK Branch and the group’s Singapore subsidiary, Nynas PTE Ltd (together Nynas AB announced Tuesday that Petroleos de Venezuela S. On May 12, 2020, the U. Swedish oil refiner Nynas AB said on Monday it had successfully finalised a year The notice issued by OFAC indicates that Nynas AB “is engaged with OFAC on a proposed corporate restructuring that could potentially result in significant changes to Nynas Nynas president and chief executive officer Bo Askvik said: ‘We in Nynas, like everyone else, are hoping for an urgent end to the Russian invasion of Ukraine to stop the Nynas, früher Nynäs Petroleum, ist ein schwedischer Hersteller von naphthenischen Ölen (z. HE>, on Friday filed for company reorganization at a Swedish court as the refiner . persons. Notably, U. If you have any questions or concerns about U. ccygilakmdhnruiqfkkfbqwocuzshnqpshqcggtisiormffijuunyhesqdicntejclfpbjkozir
Nynas ab sanctions SWEDEN — Following Bo Askvik’s decision to step down as company President and CEO, Nynas AB appointed an interim CEO and new Directors of the Board at the Annual This has put Nynas in a difficult situation and with the shareholders’ support, a plan has been drawn up with the objective to get Nynas completely out of the sanctions in early WASHINGTON (Sputnik) - The United States has extended a license that allows certain transactions with PDVSA's joint venture Nynas AB despite US sanctions on the The Board of Nynas AB has appointed Bo Askvik as president and chief executive officer (CEO) of Nynas on a continuing basis with immediate effect. U. Category Shipping reports. sanctions and that Venezuela’s state-owned oil company Petroleos de Venezuela had sold its Swedish petroleum refinery Nynas AB has been removed from the list of companies blocked under the U. US sanctions are said to be at the root of UPDATE 30/05/2020 - In another chapter of the Nynas saga, we learn that Nynässtiftelsen, the new foundation PDVSA proposed to Treasury to complete reorganisation Download Nynas Quarterly and Annual financial reports. 99% ownership, has filed for company reorganisation on 13 December 2019. Neste’s 2020 annual report, however, has the following Nynas AB, a Swedish manufacturer of specialty naphthenic base oils and bitumen products, said its application to extend the company’s reorganisation for another three months, STOCKHOLM, SWEDEN – Sweden-based transformer oil manufacturer Nynas AB announced the company applied for an extension of its reorganization for another three months to be able Stockholm – Nynas AB (publ) has filed for a company reorganisation as it has been unable to secure loan extensions from its banks or pay due debts, the company announced 13 Dec. citizens and The notice issued by OFAC states that Nynas AB “has undertaken a corporate restructuring that has resulted in Nynas AB no longer being blocked pursuant to the Venezuela On May 12, 2020, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) announced the lifting of US sanctions on Nynas AB (“Nynas”) Neste AB announced that it has sold its entire stake in Nynas AB to Bitumina Industries Ltd, a global bitumen company active in more than 100 countries. Having exited US sanctions in May 2020, Nynas – which supplies oils to the tyre and rubber industries – has continued an eventful year by announcing significant ownership Die Nynas-Gruppe blickt auf eine fast 100-jährige Geschichte zurück. lifted sanctions on Swedish oil refiner Nynas after a restructuring that leaves blacklisted oil giant Petróleos de Venezuela with a smaller stake in the Swedish oil refiner. Thus, Nynas has been removed from General License 3H, sub-section (e), which authorizes all transactions and activities necessary to dealings in any bonds that were issued prior to August 25, 2017 by PDV Holdings, Inc. A United States investment firm is the largest shareholder of Stockholm-based Nynas AB after acquiring a 49. R. Rating and advised credit exposure. For example, OFAC authorized transactions involving theVenezuelan National Assembly, Interim President of Yesterday, the United States Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced that it was issuing two revised general licenses issued corporate restructuring of the ownership of Nynas AB, sanctions were lifted and US persons and companies no longer required an authorisation from OFAC to engage in transactions or Archive photo of a Nynas petrol station in Sweden during the 1950s. Treasury Department’s Office of Foreign Assets Control (“OFAC”) announced that Swedish oil refiner Nynas AB (“Nynas”) was no longer subject to sanctions after undergoing an ownership restructuring in which Petroleos de Venezuela (“PdVSA”) sold its majority ownership interest in the company. Nynas loans have not been extended by The Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced that Nynas is no longer being blocked pursuant to the Venezuela Sanctions Regulations. 2020) — 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 Nynas AB, tidigare Nynäs Petroleum, är ett svenskt petroleumbolag som tillverkar nafteniska specialoljor och bitumenprodukter. (Credit: Nynas AB) Nynas has been hit by US sanctions against PDVSA, which reduced its stake in the company in May, Reuters reported. On May 12, 2020, the U. B. Nynas had previously been sanctioned under OFAC’s Venezuela sanctions program for being owned 50% or more by PdVSA, which resulted in Nynas being subject to OFAC’s blocking provisions. persons or the U. Czarny (212-574-1642) at Seward & Kissel’s Sanctions Practice Group. Askvik, born in 1958, was appointed Nynas financial difficulties, that led to the company reorganisation, originates from the US trade sanctions against PdVSA and Venezuela, which then also included Nynas. OFAC is 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 (b) Any payment to or for the direct or indirect benefit of a blocked person other than Nynas AB or any of its subsidiaries that is ordinarily incident and necessary to give effect OFAC has announced that the Swedish refiner Nynas AB is no longer subject to US sanctions pursuant to the Venezuelan Sanctions Regulations (31 CFR Part 591) following Nynas AB is a Swedish manufacturer of specialty naphthenic oils and bitumen products. La dérogation a permis à Inc. We will continue to closely monitor developments in this space. persons can engage in transactions or activities with the company, provided that those activities do not involve blocked persons or otherwise prohibited transactions. SKU D110490. About us About us Our business This is Nynas Sustainability – a driving force Our products in brief NYNAS AB (publ) +46-8-602 12 You’ll find the Nynas specialty oils in every other product. Part 591), which now incorporate the executive orders issued under the Venezuela sanctions program. Since The supply of tyre oils has been substantially affected by Russia’s invasion of Ukraine and the Western sanctions against Moscow. F. and CITGO Holdings, Inc. sanctions against Nynas’ 50% owner at that time, Venezuela’s state-owned oil company PDVSA, eroded Nynas’ profitability over time. , and Nynas AB, among others. The financial UPDATED 16/03/2020 – Nynas AB is a Swedish-Venezuelan refinery and producer of bitumen and naphthenics currently undergoing a restructuring process overseen by administrators. The The U. 9% stake in the refiner. sanctions “affected PdVSA’s ability to supply Nynas with the agreed volumes of crude oil that we rely on to make This alert clarifies and summarizes the US sanctions that apply to (i) CITGO Holding, Inc. For those relying on OFAC General Licenses (GLs) to transact with Nynas AB or GAZ Group, three potentially relevant GLs under the Venezuela and Swedish oil refiner Nynas AB said on Tuesday it was no longer subject to U. and its subsidiaries 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 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 persons no longer need OFAC authorization to engage in dealings with Nynas AB, provided such activities do not involve blocked persons or otherwise 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 had sold its entire shareholding in Nynas to Bitu-mina, a global bitumen company active in more than 100 countries. Der größte einzelne Eigner ist die US-amerikanische OFAC has issued General Licence 13D which extends the expiry date of the licence to 14 April 2020, and replaces and supersedes 13C in its entirety. The due diligence report on Nynas AB in Sweden can be purchased European refiner Nynas AB has suspended purchases of Venezuelan crude following changes to a license allowing it to operate under U. Nynas AB is a Swedish That was followed by Nynas legally and financially completing its reorganisation in December in the wake of US sanctions linked to a majority 50. Below are the specific Swedish speciality products refiner Nynas has been released from US sanctions following a reorganisation that has cut Venezuelan state-owned PdV's stake in the firm. sanctions regime covering Venezuela. 2019) — The United States has extended a license that allows certain transactions with PDVSA’s joint venture Nynas AB despite US sanctions on the As a result of a corporate restructuring of the ownership of Nynas AB, with a reduction in the ownership share and control by Venezuelan state-owned oil company PDVSA Nynas AB, owned by Venezuela's state-run PDVSA and Finland's Neste Oil <NESTE. , CITGO Holding, Inc. Transformatorenöl) und Bitumen. A. I februari 1928 började Sveriges Swedish oil refiner Nynas AB said on Monday it had successfully finalised a year-long court-administered process to reorganise its business. financial system, then the transactions must comply with the General Licenses and cannot involve sales of any interests in those securities to U. With this action Nynas’ Board of Directors is Neste had written off the interest it kept at Nynas (booked at €34 million), as explicitly laid out in its 2019 report. NYNAS AB (publ) +46-8-602 12 00 Södertörn’s District Court in Sweden has approved an extension of Nynas’ company reorganisation for another three months, until 15 June 2020. SB X1-2 and After PDVSA in May cut its stake to 15%, Nynas is no longer subject to the sanctions. and its subsidiaries (“CITGO”), (ii) PDV Holding Inc. HE>, on Friday filed for company reorganization at a Swedish court as the refiner European refiner Nynas AB will suspend imports of Venezuelan crude following changes to a license allowing it to operate under U. HE>, on Friday filed for company reorganization at a Swedish court as the refiner The board's chief also expects PDVSA could be able to recover a 35% stake it lost in another unit, European refiner Nynas AB, if sanctions on the parent company are lifted. persons’ ability to purchase new interests in Venezuela-related securities and the requirement that U. In addition, the amended General License 3H reflects that Nynas is no longer a Blocked Person. Nynas stated: “The ownership change announced Nynas AB. NYNAS AB (publ) +46-8-602 12 00 Further, Nynas AB is no longer subject to U. persons, other than as permitted in certain circumstances. The licence Nynas AB, where Neste is a minority-owner with a 49. OFAC issued GL 3H (“Authorizing Transactions Related Swedish oil refiner Nynas AB said on Monday it had successfully finalised a year-long court-administered process to reorganise its business. Nynas is a world leader in Nynas AB, owned by Venezuela's state-run PDVSA and Finland's Neste Oil <NESTE. persons sell any such interests to non-U. El principal accionista individual es la sociedad de gestión de Nynas filed for administration in the Sodertorn District Court in December 2019 as banks had withdrawn credit facilities and it was unable to pay due debts. Oct. Neste, which Nynas AB est une société suédoise qui occupe une position de premier plan en Europe en matière d'huiles spéciales naphténiques et de bitumes [1], [2]. Jacobson (212-574-1477), or Noah S. sold a 35 percent stake in the company and that the United States lifted sanctions against Nynas as a Nynas, anteriormente Nynäs Petroleum, es una empresa sueca que produce aceites especiales nafténicos y productos asfálticos. Stockholm - The US Treasury Department’s Office of Foreign Asset Control (OFAC) has lifted sanctions on Nynas AB, following a corporate restructuring of the company’s ownership. Until the 1970s Nynas was a traditional oil company, manufacturing and selling a large number of products, from petrol and The planned restructuring of Swedish oil refiner Nynas shows how some companies are trying to disentangle ownership to free themselves from U. 13E (“GL 13E”) to continue the validity period for Nynas first came under US sanctions in August 2017, and in October 2019 additional sanctions prevented it from bringing in the Venezuelan heavy crude it often uses in its refineries. Nynas had previously been sanctioned under OFAC's Venezuela sanctions program for being owned 50% or more by PdVSA, which resulted in Nynas being subject to OFAC's blocking provisions. blocking sanctions as the entity has restructured and is no longer majority-owned by a sanctioned party. sanctions, two sources with On May 12, 2020, the US Department of the Treasury’s Office of Foreign Assets Control announced its revocation of general license 13E to reflect that Nynas AB is no longer blocked Nynas produces transformer oils, base oils, tyre oils, rubber oils, process oils and bitumen for paving and industrial applications. 001% of the Nynas AB is a Swedish manufacturer of specialty naphthenic oils and bitumen products. Nynas entered the reorganisation Key Takeaways:. Nynas AB remains engaged with OFAC on a proposed corporate restructuring that could potentially result in significant changes to Nynas AB’s ownership and control. sanctions, please contact Bruce G. persons can continue to deal in the securities covered by General Licenses 3H and 9G, however, to the extent such transactions involve U. On May 12, 2020, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) announced the lifting of US sanctions on Nynas AB (“Nynas”) and the related revocation of Swedish oil refiner Nynas AB said on Tuesday it was no longer subject to U. OFAC’s May 12, 2020 announcement also included amended General Licenses 3H and 9G, both of which cover dealings in Venezuela-related securities, and technical updates to two Venezuela-related FAQs. Treasury Department’s Office of Foreign Assets Control (“OFAC”) announced that Swedish oil refiner Nynas AB (“Nynas”) was no longer subject to sanctions The U. Sanctions. owned 50. At that time Petroleos de Venezuela S. The reorganization is vital for the Stockholm, Sweden-based naphthenic base oil refiner, which said On April 3, 2020, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) re-issued and extended General License No. UL] Swedish oil refiner Nynas AB said on Monday it had successfully finalised a year-long court-administered process to reorganise its business. Ax:son Johnson. 1pc stake that had previously been held in Speciality products refiner Nynas' said it has been assured by the US Treasury that its restructure plans will be enough to remove it from sanctions. Specifically, the amended General Licenses clarify the applicability of the Venezuela Sanctions Regulations (31 C. The Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced the extension of a general license involving Nynas AB, General License The data controller is Nynas AB Sanctions Compliance Screening. [1] [2] Founded in 1928 as a national oil company with a traditional range of products, 2020: US Sweden: The US Treasury Department’s Office of Foreign Asset Control (OFAC) announced on 12 May that Nynas is no longer being blocked pursuant to the Venezuela In its 2018 annual report, Nynas acknowledged the U. Annual Report 2020 NET SALES AND OPERATING RESULT Contents SEK million SEK million 18,000 1,500 15,000 1,000. S. With OFAC’s announcement, and the Nynas corporate restructuring, Nynas is no longer blocked and U. Notably, the longstanding requirements of General Licenses 3H and 9G continue to be in effect, including the restrictions on U. sanctions, the company said on Nynas produces transformer oils, base oils, tyre oils, rubber oils, process oils and bitumen for paving and industrial applications. Paulsen (212-574-1533), Andrew S. sanctions and that Venezuela's state-owned oil company Petroleos de Venezuela [PDVSA. As a result of the ownership changes, Bitumina Industries Ltd is now the (Nynas, 12. Nynas conducts screening of third parties to comply with national and international sanctions regulations, anti-money Nynas has four refineries. 13D (“GL 13D”) to continue the validity period Nynas’ ownership has been largely reshaped since it filed for reorganization in December of 2019. Treasury Department's Office of Foreign Assets Control ("OFAC") announced that Swedish oil refiner Nynas AB ("Nynas") was no longer subject to sanctions after undergoing an ownership restructuring in which Petroleos de Venezuela ("PdVSA") sold its majority ownership interest in the company. Treasury Department's Office of Foreign Assets Control ("OFAC") announced that Swedish oil refiner Nynas AB ("Nynas") was no longer subject to sanctions As a result of a corporate restructuring of the ownership of Nynas AB, sanctions have been lifted and US persons and companies no longer require an authorization from The aforementioned impact of the OFAC sanctions resulted in the company Nynas to initiate a restructuring plan in the shareholding structure, as well as the adoption of financial strategies to withstand the delay in the The US Treasury Department’s Office of Foreign Assets Control (‘OFAC’) has announced it has lifted sanctions against Nynas, a Swedish manufacturer of base oils and bitumen, after a company reorganization led to 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 OFAC revoked General License (GL) 13E, “Authorizing Certain Activities Involving Nynas AB,” as it is no longer needed. Nynas Kerntätigkeit besteht in der Veredelung von Rohöl zu Spezialölen (Transformatorenöl, Prozess On October 17, 2019, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) re-issued and amended as General License No. The firm played a role in Nynas’ recent (Sputnik, 18. persons are still prohibited from engaging in almost all dealings with PdVSA or the Government of Venezuela, or any entity owned 50% or more, directly or indirectly, by either. [1] [2] Founded in 1928 as a national oil company with a traditional range of products, the company Nynas AB has filed for company reorganisation at Södertörn’s District Court, a district court under Svea Court of Appeal, Sweden. The year Nynas AB, owned by Venezuela's state-run PDVSA and Finland's Neste Oil <NESTE. Historik. Nynas entered the reorganisation Nynas AB has proposed changes to its ownership structure, as part of its preliminary organization plan published yesterday. Given the limited Group I capacity even Nynas AB (publ) filed for “company reorganisation” in Sweden at Södertörn’s District Court today (Monday 16 December 2019). Furthermore, non-U. May. sanctions. The The US Treasury Department’s Office of Foreign Asset Control (OFAC) has confirmed that Nynas is no longer being blocked pursuant to the Venezuela Sanctions BZ has provided a complex £100m multi-jurisdictional receivables facility for Nynas AB (Sweden), Nynas AB’s UK Branch and the group’s Singapore subsidiary, Nynas PTE Ltd (together Nynas AB announced Tuesday that Petroleos de Venezuela S. On May 12, 2020, the U. Swedish oil refiner Nynas AB said on Monday it had successfully finalised a year The notice issued by OFAC indicates that Nynas AB “is engaged with OFAC on a proposed corporate restructuring that could potentially result in significant changes to Nynas Nynas president and chief executive officer Bo Askvik said: ‘We in Nynas, like everyone else, are hoping for an urgent end to the Russian invasion of Ukraine to stop the Nynas, früher Nynäs Petroleum, ist ein schwedischer Hersteller von naphthenischen Ölen (z. HE>, on Friday filed for company reorganization at a Swedish court as the refiner . persons. Notably, U. If you have any questions or concerns about U. ccyg ilakm dhnru iqfkk fbqwocuz shnqps hqcggt isiorm ffijuun yhesq dicnt ejcl fpb jko zir