December 17, 2019 / 9:19 PM / 8 months ago

UPDATE 1-PDVSA ad-hoc board aims to "preserve value" of Swedish refiner Nynas

(Adds details, context)

CARACAS, Dec 17 (Reuters) - The opposition-led ad-hoc board of Venezuelan state oil company PDVSA said on Tuesday it would seek to “preserve the value” of Swedish refiner Nynas, a subsidiary which filed for company reorganization at a Swedish court last week.

The refiner, jointly owned by PDVSA and Finland’s Neste Oil, was unable to extend loans with its banks in the face of U.S. sanctions on Venezuela, leaving it unable to pay its debts.

The ad-hoc board, which has been recognized by Washington as the rightful representation of the company abroad, called Nynas decision to file for court protection “unilateral.” It said in a statement that it had not been able to take control of Nynas, despite its efforts.

The board, appointed by the leader of the opposition-controlled National Assembly Juan Guaido earlier this year, has managed to take control of other overseas subsidiaries like U.S. refiner Citgo and Colombian petrochemicals company Monomeros.

Guaido has been recognized as Venezuela’s rightful leader by dozens of countries, but President Nicolas Maduro retains control of the territory and dismisses Guaido as a U.S. puppet.

“ remains under the influence of Nicolas Maduro’s usurping regime,” the statement read. (Reporting by Luc Cohen, editing by Brian Ellsworth)

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