PR85656

LONDON, Sept. 17, 2020 /PRNewswire=KYODO JBN/ --

Bitumina Industries Ltd ("Bitumina") announced today that it has bought 50%*

percent of the outstanding share capital in Nynas AB from Neste AB, which will

make BITUMINA Industries Ltd the single largest shareholder in Nynas AB.

Nynas is a global leader in naphthenic specialty oils and a premier bitumen

partner in Europe. It has four refineries: Harburg in Germany, Nynäshamn and

Gothenburg in Sweden and Eastham in the UK. Eastham is a joint venture with Shell.

Bernd Schmidt, Executive Chairman of Bitumina commented: "We take great pride

to have been able to acquire the shares in Nynas from Neste and are certain

that this step will pave the way for a successful future of Nynas and all of

its stakeholders."

Nynas is a natural expansion of Bitumina's portfolio and will ensure the group

takes a top position in European bitumen markets complementing the already

strong presence in Latin America. The acquisition is in line with Bitumina's

successful vertical integration of products and services offered to global clients.

The Bitumina Group is a global vertically integrated specialty Bitumen company,

also involved through its fully owned Danish subsidiary DenimoTech A/S in the

Production and Engineering of Bitumen process plants. Bitumina is an offspring

of a German Asphalt Family and is today run by the third generation and has

expanded its business successfully on a global scale, being a disruptor in the

markets it operates in.

Nynas is currently in an ongoing reorganization process and BITUMINA is engaged

with all major stakeholders to reach a voluntary composition agreement and has

for this purpose substantial financial backing to be able to execute a timely deal.

AXIS Strategic Partners with its team of professional bankers together with law

firms ReedSmith LLP in the UK and DELPHI in Sweden are advising BITUMINA on the

transaction.

*number rounded to ones

Source: Bitumina Industries Ltd