Finnish oil refining company Neste has divested its stake of 49.99% in Nynas to Bitumina Industries for an undisclosed price.

Nynas is a Sweden-based manufacturer and marketer of naphthenic specialty oils and bitumen products. The company has four refineries located across Harburg in Germany, Nynäshamn and Gothenburg in Sweden, and Eastham in the UK.

Eastham is a joint venture with Royal Dutch Shell.

Jyrki Mäki-Kala – Neste Chief Financial Officer said: “We have been an owner in Nynas since the 1990’s and have seen the company develop into a global leader in naphthenic specialty oils and a premier bitumen partner in Europe. We believe that the sale of Neste’s shares in Nynas to an industrial player with a strong focus in the same sector is the right solution for Nynas, recognizing also the ongoing reorganization process.”

The Bitumina Group is a vertically integrated specialty bitumen firm, which is said to have grown its business on a global scale.

Bernd Schmidt – Executive Chairman of Bitumina Industries said: “We take great pride in having been able to acquire the shares of Neste in Nynas which is a natural expansion in our global industrial bitumen portfolio. We are certain that we can contribute to the successful future of Nynas.”

  Bernd Schmidt, Bitumina Industries, Jyrki Mäki-Kala, Neste, Nynas, Sweden