UPDATED 16/03/2020 – Nynas AB is a Swedish-Venezuelan refinery and producer of bitumen and naphthenics currently undergoing a restructuring process overseen by administrators. Nynas claims that “due to the unwillingness of Nynas’ banks to remit payments, citing the risk of secondary sanctions, it incurred a loan with its main crude oil supplier amounting to approximately 3.5 billion Swedish kronor.” [bold added] This site revealed that Nynas’ main crude oil supplier is PETROZAMORA, the questionable joint venture created by Rafael Ramírez in partnership with the criminals of Derwick Associates and their equally tough Russian manipulators from FSB / GAZPROM.
Nynas’ partnership with PDVSA and PETROZAMORA is not the only issue banks may face. As first reported here in 2016 and confirmed by Swedish media, GBP Global Resources, the shell registered in Amsterdam used by Boris Ivanov at Gazprombank Latin America Ventures B.V., is a sanctioned entity due to the Russian invasion of Ukraine. Additionally, Gazprombank Latin America Ventures B.V. is a minority partner of PDVSA in PETROZAMORA (40%) and is also sanctioned by the Treasury. It was formed by Ivanov together with Derwick criminal Francisco Convit, a fugitive wanted by the Department of Justice involved in various forms of corruption and public fund theft.
There is no benefit for the administrators to continue dealings with PDVSA/PETROZAMORA or any associated entities of GAZPROM or Derwick. That is certain. However, that does not mean frantic actions are not taking place behind the scenes.
Sources report that Alejandro Betancourt (head of Derwick) is desperately attempting to establish a claim over the “3.5 billion Swedish kronor” that Nynas owes to PDVSA, rather than the crude sent from PETROZAMORA to Nynas. It is also said that Betancourt and his Russian partners are trying to gain control of Nynas during this restructuring process. Another party mentioned as willing to take Nynas out of the hands of the current administrators is the commodity trader Gunvor.
Fredrik Björkman reports that Nynas has filed a court request for a three-month extension, as the restructuring phase that was supposed to be completed yesterday failed. Reportedly, Nynas submitted an ownership plan to the U.S. Treasury’s OFAC to lift the sanctions; however, no official announcement has been made regarding this.
It will be extremely interesting to see who ends up with 50.001% of Nynas’ shares from PDVSA. The Maduro regime lacks the available cash, credit lines, or legal financial capacity to revive the Swedish refinery. This could present an excellent opportunity for parties like Gunvor. Unfortunately, chavista operators and financial partners, such as Betancourt, Convit, Anisimov, and Ivanov, could easily raise the necessary funds to acquire PDVSA’s stake through proxies.
Juan Guaidó, the unfortunate puppet of Betancourt and head of the “interim government” of Venezuela, must still take action to preserve Venezuela’s ownership of Nynas. Considering Nynas’ associated parties/suppliers, the U.S. Department of Justice and OFAC should closely scrutinize any new ownership structure proposals, keeping Adam Lerrick well away from the situation.