ARMA proposes Cabinet to transfer Odesa Oil Refinery under management of state company

The Asset Recovery and Management Agency (ARMA) appealed to the Cabinet of Ministers with a proposal to determine a manager for the Odesa Oil Refinery under the special procedure provided for in Article 21-1 of the Law on ARMA.

This is stated in the message of ARMA, Ukrainian News Agency reports.

It is noted that such a decision was made in view of the identification of risks of an emergency situation of a man-made nature on the territory of the enterprise.

According to the notification, the manager should be determined by the Cabinet of Ministers from among the state-owned companies capable of implementing the most optimal strategy for the refinery's development.

"Strategic assets must be managed by the state! After all, only the state has the resources to preserve them. Odesa Oil Refinery was once one of the most powerful enterprises in the industry, but due to the constant change of owners, many years of idle and hostile shelling during the war, it turned into a rather complex object of management and investments. That is why, in close coordination with other departments, we are making all possible efforts to revive the refinery in a way that is beneficial for the state," explained ARMA head Olena Duma.

As Ukrainian News Agency earlier reported, in September 2017, the Cabinet of Ministers transferred the Odesa Oil Refinery to the management of the State Property Fund.

In 2013, the Eastern European Fuel and Energy Company, owned by the wanted businessman Serhii Kurchenko, bought 99.57% of the Odesa Oil Refinery from the Lukoil oil company (russia).

At the same time, in June 2017, the court confiscated the Odesa Oil Refinery property complex into state property.