Venezuela dissolves partnership with Finland’s Neste Oil

Venezuela has begun the process of dissolving its partnership with Neste Oil of Finland. The joint venture, Nynas AB, operates four refineries in the U.K. and Sweden. In an article published in the Venezuelan business daily, El Mundo, the country’s energy minister, Rafael Ramirez said, “They do not properly value Venezuelan crude.” The four refineries produce specialty oils that are used in lubricants, rubber and printing inks, as well as bitumen. Petróleos de Venezuela, S.A (PdVSA), Venezuela’s state-owned oil company and Neste Oil each own 50% stakes in Nynas. (March 16, 2012)