[9][10] Efforts on the bitumen side have focused on products suitable for various conditions with regard to temperature, stone material and traffic loads.

[11][12] In 2022, Nynas launched a polymer-modified bitumen (PMB) that contains biogenic material, resulting in a significantly reduced climate impact.

There have been major efforts in recent years to increase feedstock flexibility and totally replace Venezuelan crude oil.

[17] During World War II, Nynas played a prominent role in supplying energy in Sweden, as the company developed methods for manufacturing oil products made of coal and tar.

At that time Nynas was a Swedish family firm, manufacturing a large number of oil products and also with a national network of petrol stations.

In parallel with this expansion in the bitumen area, hundreds of million Swedish kronor were invested in turning the Nynäshamn refinery into a modern facility for the production of naphthenic specialty oils.

Initially this caused disruption to crude oil deliveries, which gradually stopped completely because the USA introduced far-reaching sanctions against Venezuela.

During a transitional period, it was still possible to run the business thanks to the exemption – General Licence – that Nynas was a granted by the US Office of Foreign Assets Control (OFAC).

But the situation became economically unsustainable, and in December 2019 Nynas was granted an application for a company reconstruction at a Swedish court in order to investigate the possibilities of continuing to run the business, either partly or in full.

The strategic approach sees operations focusing on Europe, as an element of the objective to strengthen competitiveness in Nynas’ core markets.

Despite a stated European focus, sales of naphthenic specialty oils will continue to take place to selected customers in regions including India, the Middle East, South Africa and Turkey.