The Asset Recovery and Management Agency (ARMA) is initiating before the Cabinet of Ministers of Ukraine the cancellation of the Government's orders and termination of contracts with PJSC “Ukrnafta”, which manages the seized Glusko assets of a pro-russian figure Viktor Medvedchuk and the assets of the Russian company “Tatnafta”.
The main reason for the termination of the management agreement for Glusco's petrol stations was Ukrnafta's deliberate rejection of ARMA's proposals to sign the transfer and acceptance acts for the petrol stations. As a result, the company is still not a source of revenue for the state budget.
"The management agreement with PJSC “Ukrnafta” provides for at least UAH 5 million to be transferred to the state treasury every month, regardless of profitability, and 85% of the net profit," commented Olena Duma, Head of ARMA. - "For its part, the National Agency has inspected and inventoried all seized assets and prepared draft acts of acceptance and transfer for signature. I have to state that the state-owned enterprise, whose activities were intended not only to preserve economic value but also to replenish the country's budget during the war, failed to meet reasonable expectations. As a result, the purpose of the resolutions of the Cabinet of Ministers of Ukraine has not been fulfilled, and there is no management efficiency, although the seized petrol stations are operating."
Over the past three months, the Agency has been sending official letters to PJSC “Ukrnafta” demanding that it sign acceptance and transfer acts for the property complexes of the petrol stations, which the state-owned company has not agreed to.
It is also worth noting that at the request of the National Agency, the State Tax Service received responses confirming the supply of petroleum products to the seized petrol stations from both PJSC “Ukrnafta” and other entities in this market.
In addition, ARMA and “Ukrnafta” could not sign acts of acceptance and transfer of corporate rights due to the need to obtain merger clearance from the Antimonopoly Committee of Ukraine. The Agency states that “Ukrnafta” officials delayed submitting the relevant documents to the AMCU and did so - jointly with the ARMA - only after numerous meetings. The AMCU, in turn, may consider this decision for up to six months. Thus, there is no better option than to hold an independent transparent competition.
After the Government's decision, ARMA will initiate the selection of a new manager of the Glusco network, who will ensure a proper balance of public and private interests and organise predictable, transparent and profitable operations of the seized petrol stations.
As a reminder, “Naftogaz Oil Trading” received into management V. Medvedchuk's petrol stations and real estate on May 13, 2022 under a special procedure (the CMU Resolution No. 385-r). After an inspection in 2023, the National Agency found that Glusco's asset management was inefficient and appealed to the Cabinet of Ministers with a proposal to change the manager. On September 12, 2023, the Cabinet of Ministers agreed to ARMA's proposal to transfer Medvedchuk's assets to PJSC “Ukrnafta” under a special procedure (Order No. 797-r). On September 27, 2023, the Agency signed a management agreement with the said company.
Furthermore, PJSC “Ukrnafta” started managing about 100 petrol stations, oil depots and a number of vehicles owned by the Russian “Tatnafta” on August 16, 2023.
