Swedish Refiner Nynas Proposes Restructuring to Escape U.S. Sanctions

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Swedish oil refiner Nynas, which is owned by Venezuela’s state-run PDVSA and Finland’s Neste Oil, said on Tuesday it planned to reorganize its business in an attempt to disentangle itself from U.S. sanctions imposed on Venezuela, Reuters reported. Nynas said the proposed changes to its ownership structure, backed by both PDVSA and Neste Oil, were filed with the United States’ Office of Foreign Assets Control (OFAC) on January 17. The refiner, which was placed in the hands of a court-appointed administrator late last year, added that it would only proceed with the changes if and when OFAC confirmed that the move would mean Nynas no longer being subject to its sanctions. Read more