Ukraine’s largest state-owned oil company Ukrnafta has transferred UAH 21 million ($560,000) to the state budget as a guaranteed payment for the Glusco gas station chain management, previously owned by former Ukrainian pro-Moscow politician Viktor Medvedchuk, the Asset Recovery and Management Agency (ARMA) reported on Feb. 1 in a joint statement with PJSC Ukrnafta.

Read also: Ukrnafta, ARMA ink deal to manage Glusco gas stations

“The seized assets of the Glusco gas station chain should fully meet the needs of the country, bring profit to the state and be a source of tax payments to the state budget. PJSC Ukrnafta, fulfilling the terms of the management agreement, made the payment within a few months”.

The joint Ukrnafta and ARMA application to merge Glusco has been submitted to the Antimonopoly Committee of Ukraine. Once approved, Ukrnafta will begin managing the Glusco chain.

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ARMA was moving to terminate its contracts with Ukrnafta over the management of assets seized from former MP and accused traitor Medvedchuk, according to a Jan. 9 report.

As reported, in early January 2024, ARMA announced the termination of the agreement on the management of the Glusco petrol station network by Ukrnafta.

As reported earlier, in May 2022, the Cabinet approved ARMA’s proposal to transfer seized assets belonging to the Glusco franchise (formerly NK Rosneft until 2018) to the management of NJSC Naftogaz of Ukraine.

After terminating the contract with Naftogaz, the Cabinet decided in September 2023 to transfer the seized assets to Ukrnafta.

In the same month, ARMA and Ukrnafta signed a management contract for Glusco, which entails transferring 85% of the net profit to the state, while Ukrnafta receives 15% for management.

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Ukrnafta is the largest oil company in Ukraine with a national chain of 537 service stations, of which 456 are fully operational. Ukrnafta’s largest shareholder is NJSC Naftogaz of Ukraine with 50%+1 share. 

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