US has lifted sanctions on Nynas after Venezuelan state-owned PdV's stake’s reduced from 50.1% to 15% in the Swedish oil refiner.
Now, US persons and companies no longer require an authorization from OFAC to engage in transactions or activities with Nynas.
"This means an end to many years of having to carry the unfair burden for a Swedish company of being subject to US sanctions. This led to an increasingly deteriorating financial situation, which ultimately forced Nynas into reorganisation at the end of last year", says Nynas President Bo Askvik. "Our focus now is to successfully end the ongoing reorganisation process and having exited sanctions Nynas will be able to return to normal trading conditions and secure long-term financing."
Since the 13th December 2019, Nynas has made good progress with the reorganisation process. The removal of the US sanctions impacting Nynas was made possible by the reduction in the ownership share and control of the company by PDVSA, the Venezuelan state-owned oil company. With the now confirmed statement regarding sanctions relief from OFAC, both Nynas and the administrators believe that the basis exists for finalizing the reorganisation successfully.
Under the terms of the restructuring of Nynas's shareholders and board of directors reviewed and approved by OFAC, PDVSA has reduced the percentage of Nynas shares it owns to 15 % of all shares currently issued. The 35 % divested by PDVSA are now controlled by an independent Swedish foundation under no influence by PDVSA, established to enable a reduction in PDVSA's ownership interest. The Nynas board of directors will have in total nine directors, including one director representing PDVSA, two employee representatives and an independent chairman.
Nynas has agreed to an ongoing reporting requirement with OFAC regarding any future changes to Nynas's shareholders and board of directors, as long as PDVSA is an SDN (Specially Designated National).
As Nynas now is out of sanctions, financing is available to secure necessary crude oil purchases going forward.
Michelin Acknowledges Partial Court Ruling On Antitrust Probe
- By TT News
- July 18, 2025
The European Court of First Instance partially annulled the European Commission's decision regarding searches conducted in January 2024 as part of an antitrust probe into possible cartel activity in the tire industry. Michelin acknowledged the 9 July 2025 ruling, expressing satisfaction with the outcome. The company stated it would not appeal the decision but remains committed to defending its position as the investigation continues into other periods flagged by the Commission.
This development suggests procedural or jurisdictional flaws in the initial raids, though the broader inquiry persists. Michelin's response indicates cautious cooperation while maintaining its stance on compliance and legal rights. The case highlights ongoing regulatory scrutiny in the automotive sector, with potential implications for competition enforcement practices.
Doublestar Displays High-Value Tyre Solutions At 2025 Latin Tyre Auto Parts Expo
- By TT News
- July 18, 2025
Doublestar Tire showcased its high-value tyre solutions at the recently concluded 2025 Latin Tyre Auto Parts Expo in Panama City. The event, considered one of Latin America's premier trade events for tyres and automotive components, saw participation from manufacturers, distributors and industry professionals, along with visitors and potential partners.
Doublestar presented a diverse range of innovative tyres tailored to Latin America’s demanding conditions, including high-performance passenger car tyres and robust commercial tyres for trucks and buses. Given the region’s varied terrain and climate, the company highlighted products engineered for superior wear resistance, wet traction and durability. Among the featured solutions was the TBR model TPR79, designed with a specialised tread pattern for enhanced off-road performance, alongside the PCR AT and MT lines – popular among SUV drivers for their safety, extended lifespan and reliable grip on challenging roads.
This exhibition aligns with Doublestar’s strategy to strengthen its presence in Latin America as a provider of advanced, dependable tyre technology. The company remains focused on R&D to deliver sustainable, high-performance solutions that address the dynamic needs of the global automotive market, ensuring safety, efficiency and environmental responsibility.
German Rubber Industry Reiterates Adoption Of ‘First Touch Principle’ At EUDR
- By TT News
- July 18, 2025
The German rubber industry has reiterated its call for the adoption of a ‘First Touch Principle’ in the EU Deforestation-Free Regulation (EUDR), citing excessive bureaucratic burdens. Boris Engelhardt, Managing Director of the German Rubber Industry Association (wdk), emphasised that businesses – particularly small and medium-sized enterprises – are struggling to meet the EUDR’s extensive documentation requirements. The proposed principle would simplify compliance by requiring only the first importer in the European supply chain to provide proof of adherence, exempting downstream processors and manufacturers from redundant verification.
As a major user of natural rubber, the European rubber industry relies heavily on imports from Asia and Africa, making the EUDR’s proposed ‘zero-risk class’ – advocated by 18 EU member states – irrelevant to the sector. While fully supporting the regulation’s goals of protecting human rights and ecosystems in rubber-producing regions, Engelhardt argued that enforcement should focus on initial importers rather than imposing repetitive checks across the entire supply chain.
He noted that established natural rubber traders already comply with EUDR standards, and the industry can trace whether imported finished goods contain natural rubber. This, he stated, should suffice for regulatory oversight. Engelhardt urged EU policymakers to adopt the ‘First Touch Principle’ to streamline compliance, reduce administrative strain, and ensure the regulation achieves its intended impact without unnecessary complexity.
Apollo Tyres Names Mondelez Executive Mahalakshmi Ramaswami As New CHRO
- By TT News
- July 17, 2025
Gurugram-headquartered tyre major Apollo Tyres has announced the appointment of Mahalakshmi Ramaswami as its new Chief Human Resources Officer, effective immediately, the company said in a regulatory filing.
Ramaswami’s appointment was approved by the board of directors following a recommendation from the Nomination and Remuneration Committee.
Prior to joining Apollo Tyres, she most recently served as the Head of HR for the Southeast Asia Cluster based in Singapore at Mondelez International.
She brings over two decades of experience across multinational organisations spanning fast-moving consumer goods, telecommunications, pharmaceuticals and consulting sectors.
During her tenure at Mondelez, Ramaswami is credited to have a played pivotal role as the HR Director for India Region in the business turnaround by aligning people strategy with organisational objectives.
She also has held leadership roles at prominent Indian and multinational companies including Bharti Group, Ranbaxy, Ballarpur Industries and EY.
Ramaswami holds an MBA from IMT Ghaziabad and a Bachelor’s degree in Physics (Hons.) from Delhi University.
On the other hand, as part of the Management Restructuring at Apollo Tyres, Dipankar Ghosh, Group Head of HR Business Partnership for Manufacturing & Projects, will no longer be part of the senior management structure as defined under securities regulations, effective 16 July.
The restructuring reflects Apollo Tyres’ strategic focus on strengthening its human capital capabilities as the company navigates competitive pressures in both domestic and international markets.
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