Sanctions-hit refiner Nynas exits court-administered reorganisation

STOCKHOLM (Reuters) - Swedish oil refiner Nynas AB said on Monday it had successfully finalised a year-long court-administered process to reorganise its business.

Nynas entered the reorganisation after being hit by U.S. sanctions against its main owner at the time, Venezuela's state-owned oil firm Petroleos de Venezuela. After PDVSA in May cut its stake to 15%, Nynas is no longer subject to the sanctions.

It said in a statement a Swedish court had decided on Monday that the reorganisation was now complete after Nynas had secured financing for the coming five years. Nynas said it had also shifted to a new blend of refinery feedstock during the year, having mainly processed Venezuelan crude before then.

"All necessary permits from the authorities needed for running new feedstocks have been secured. The product recipes have been adapted at record speed and Nynas has the necessary approvals from its customers," the company said.

PDVSA's 35% stake was sold in May to a Swedish foundation, Nynasstiftelsen. The head of a board created by the Venezuelan congress to oversee PDVSA's foreign assets said shortly after that PDVSA might be able to recover the stake.

Finland's Neste in September sold its near 50% stake in Nynas to Dubai's Bitumina Industries.

The Swedish court's decision will be effective on Dec. 21.

(Reporting by Anna Ringstrom; editing by Niklas Pollard)