Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  NASDAQ OMX HELSINKI LTD.  >  Neste Oyj    NESTE   FI0009013296

NESTE OYJ

(NESTE)
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector newsAnalyst Recommendations

Refiner Nynas to suspend imports of Venezuelan oil due to sanctions

share with twitter share with LinkedIn share with facebook
share via e-mail
0
10/21/2019 | 02:03pm EST

(Reuters) - European refiner Nynas AB will suspend imports of Venezuelan crude following changes to a license allowing it to operate under U.S. sanctions, the company said on Monday, adding that it is getting ready to shift to alternative sources of oil.

Nynas, owned by Venezuela's state-run PDVSA and Finland's Neste Oil, operates specialty refineries in Sweden, Germany and England mostly for asphalt production.

In January, the refiner received a license from the United States allowing it to operate under sanctions imposed on its parent company, PDVSA. But the Treasury Department last week introduced changes to the permit effective immediately.

The modified version of license GL 13D, which allows Nynas to operate through April 2020, said it does not authorise "any transactions or dealings related to the purchase or acquisition of Venezuelan-origin petroleum or petroleum products, directly or indirectly, by Nynas or any of its subsidiaries."

"The GL 13D allows for the continued sale of products of Venezuelan origin that are already in inventory. However, it limits new sourcing by Nynas of Venezuelan-origin petroleum or petroleum products," the company said in an emailed statement.

Nynas also said it is processing other crude grades, including oil from the North Sea and Australia, and it has begun a "flexibility program" at its refineries to completely shift to alternative crude oil and raw materials.

PDVSA did not immediately reply to requests for comment.

Nynas mostly buys and processes naphthenic crudes, which are good for asphalt production and also are difficult to source. Venezuela's Western crude grades had traditionally been Nynas' primary source of oil.

The refining firm said the license renewal provides "good evidence that the U.S. authorities have listened to the Nynas message regarding supplier and customer concerns".

The suspension of the supply contract between PDVSA and Nynas could also add to the Venezuelan firm's mounting inventories of unsold oil while constraining its cash flow. Nynas is one of only two buyers of PDVSA's Western crudes left after sanctions and among the few cash-paying customers to the state-run oil company.

"This might be as harmful for us as for Europe's asphalt market," a PDVSA executive said.

The U.S. Treasury Department has yet to issue this month a notification about the renewal of a separate license that has allowed U.S. producer Chevron Corp and a group of U.S. oil service companies to operate in Venezuela since sanctions were imposed in January.

In the meantime, Chevron is scheduled to take a cargo of Venezuelan crude this month, according to a PDVSA document seen by Reuters last week.

(Reporting by Marianna Parraga; Editing by David Gaffen, David Gregorio and Cynthia Osterman)

By Marianna Parraga

Stocks mentioned in the article
ChangeLast1st jan.
CHEVRON CORPORATION -0.12% 118.63 Delayed Quote.9.17%
LONDON BRENT OIL -0.24% 63.57 Delayed Quote.12.23%
NESTE OYJ 0.00% 31.01 Delayed Quote.38.11%
WTI -0.77% 57.86 Delayed Quote.25.31%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on NESTE OYJ
10:12aAirlines get ready for jet biofuel take-off in Norway
RE
11/19NESTE OYJ : partners with Salesforce to convert Dreamforce shuttle service to ru..
AQ
11/19NESTE OYJ : opens an office in Melbourne, Australia
AQ
11/12NESTE OYJ : and Ravago start collaboration to enable chemical recycling of over ..
AQ
11/05NESTE OYJ : new IMO2020-compliant low-sulphur marine fuel available in Germany
AQ
11/01PJSC Tatneft Acquisition of Neste's Russian Retail Business
DJ
11/01NESTE OYJ : Corporation - 's divestment of fuel retail business in Russia has be..
AQ
11/01NESTE OYJ : Tatneft completed the acquisition of Neste's retail business in Russ..
AQ
10/31NESTE OYJ : divestment of fuel retail business in Russia has been finalized
AQ
10/25NESTE OYJ : recognized with the European Chemical Industry Council's Responsible..
AQ
More news
Financials (EUR)
Sales 2019 15 346 M
EBIT 2019 1 593 M
Net income 2019 1 230 M
Finance 2019 133 M
Yield 2019 2,68%
P/E ratio 2019 19,4x
P/E ratio 2020 17,0x
EV / Sales2019 1,54x
EV / Sales2020 1,64x
Capitalization 23 806 M
Chart NESTE OYJ
Duration : Period :
Neste Oyj Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends NESTE OYJ
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 35,52  €
Last Close Price 31,01  €
Spread / Highest target 29,0%
Spread / Average Target 14,5%
Spread / Lowest Target -10,0%
EPS Revisions
Managers
NameTitle
Peter Vanacker President & Chief Executive Officer
Matti Kähkönen Chairman
Jyrki Mikael Mäki-Kala Chief Financial Officer
Lars Peter Lindfors Senior Vice President-Innovation
Laura Marita Raitio Vice Chairman
Sector and Competitors
1st jan.Capitalization (M$)
NESTE OYJ38.11%26 346
EXXON MOBIL CORPORATION2.17%294 781
BP PLC0.26%129 393
RELIANCE INDUSTRIES37.13%126 987
CHINA PETROLEUM & CHEMICAL CORPORATION-20.93%81 578
PHILLIPS 6637.40%52 599