PDVSA ad-hoc board aims to 'preserve value' of Swedish refiner Nynas [Reuters]
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Source: Reuters
PDVSA ad-hoc board aims to 'preserve value' of Swedish refiner Nynas CARACAS (Reuters) - The opposition-led ad-hoc board of Venezuelan state oil company PDVSA said on Tuesday it would seek to “preserve the value” of Swedish refiner Nynas, a subsidiary which filed for company reorganization at a Swedish court last week. The refiner, jointly owned by PDVSA and Finland’s Neste Oil, was unable to extend loans with its banks in the face of U.S. sanctions on Venezuela, leaving it unable to pay its debts. The ad-hoc board, which has been recognized by Washington as the rightful representation of the company abroad, called Nynas decision to file for court protection “unilateral.” It said in a statement that it had not been able to take control of Nynas, despite its efforts. The board, appointed by the leader of the opposition-controlled National Assembly Juan Guaido earlier this year, has managed to take control of other overseas subsidiaries like U.S. refiner Citgo and Colombian petrochemica
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