The ad hoc board of directors of Petróleos de Venezuela S.A. (PDVSA), published a statement on the financial restructuring that Nynas AB, an oil company which has PDVSA as a subsidiary, plans to initiate.
The full statement follows:
PDVSA’s ad hoc board was informed by the press of Nynas AB’s decision to initiate a financial restructuring process under Swedish law.
It should be recalled that Nynas AB is a company registered in Stockholm (Sweden), its shareholders being PDVSA’s subsidiary PDV Europa BV (Netherlands), with 50.001% of the shares, and Neste Oil BV, a subsidiary of the Neste Oil Ovj Group (Finland), with 49.999% of the shares. The company owns four refineries: Nynäshamn, Gothenburg and Hamburg (Germany), and another jointly owned one located in England.
Unfortunately, and despite efforts, PDVSA’s ad hoc board of directors, appointed by President Juan Guaidó, has not been able to act as a partner due to legal obstacles beyond its control, and the company remains under the influence of Nicolas Maduro’s usurper regime.
It is our responsibility to make it public that Nynas AB’s decision to undergo restructuring was a unilateral decision to which they were driven by both the direct and collateral effects of the destruction of our industry at the hands of Nicolás Maduro’s usurper regime, in clear contrast to the efforts to recover the national oil industry and PDVSA’s subsidiaries abroad undertaken by the legitimate government of Venezuela.
The ad hoc board will continue to closely monitor the progress of this re-organisation decision taken by Nynas AB and its current shareholders, insisting on exercising their contractual and legal rights, in order to preserve the value of this company for the benefit of the people of Venezuela.
Since its appointment by President (E) Juan Guaidó, PDVSA’s ad hoc board of directors has acted in accordance with the objective of defending the nation’s interests and will continue to do so, with the responsibility and transparency required by the mandate received by legitimate institutions and the Venezuelan people.