Naftogaz Oil Trading Challenges ARMA’s Termination of GLUSCO Contracts
08.07.2023 By Tank Terminals - NEWS

August 7, 2023 [Energy Portal]- Naftogaz Oil Trading, a subsidiary of Ukraine’s state-owned oil and gas company Naftogaz, has criticized the Asset Recovery and Management Agency (ARMA) for unlawfully terminating the management contracts for the GLUSCO gas station network. The company took over 89 filling stations, 8 land plots, 2 tank farms, and the corporate rights of 35 companies owned by GLUSCO.


According to Volodymyr Bychkov, the Director of Naftogaz Oil Trading, the company has been effectively and transparently managing the GLUSCO gas station network. Therefore, they consider ARMA’s actions to be illegal and plan to petition the Cabinet of Ministers to address the matter.

Bychkov also stated that Naftogaz Oil Trading believes the property management contracts with GLUSCO are valid and will continue to abide by them until the disputes are resolved. The company has consistently provided monthly reports to ARMA on the execution of the management contracts, and there have been no comments from the agency regarding inaccuracies.

Naftogaz Oil Trading argues that ARMA’s termination of the contracts has had a negative impact on Ukraine’s national security. In May 2022, the GLUSCO gas station network was seized by court order due to alleged connections with Russia and placed under ARMA’s management. With the approval of the cabinet, Naftogaz Oil Trading was appointed as the manager of the confiscated assets and subsequently renamed the network to U.GO.

Considering the situation, Naftogaz Oil Trading is determined to challenge ARMA’s actions and ensure the legality of the management contracts with GLUSCO.


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