Ukrnafta and ARMA sign agreement on Glusco gas station network management

Ukrnafta, a major oil producing company, and the Asset Recovery and Management Agency (ARMA) have signed an agreement on the management of the network of Glusco gas stations.

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

According to the report, the parties agreed on the following material terms of the contract:

- 85% of net profit is transferred to the state, Ukrnafta receives 15% for management.

- Guarantee monthly payment will be UAH 5 million.

"After the conclusion of the contract, the process of actual transfer of Glusco assets to management should begin. It will take some time. The Ukrnafta team will make every effort to effectively operate the gas station network since the signing of the transfer acceptance certificates," said Serhii Koretskyi, director of Ukrnafta.

As Ukrainian News Agency earlier reported, on September 13, the Cabinet of Ministers transferred the Glusco gas station network to the management of Ukrnafta.

In August, ARMA terminated contracts with Naftogaz Oil Trading to manage the assets of the Glusco gas station network.

In May 2022, the Cabinet of Ministers transferred 172 Glusco gas stations to the management of the Naftogaz of Ukraine national joint stock company.

In December 2021, Greek businessman Dimitrios Anyfantakis announced that he had acquired 100% of the shares of Glusco Energy S.A. (Switzerland), which owns more than 100 gas stations and four oil depots in Ukraine.

In June 2021, the court arrested the chain of Glusco gas stations.

Earlier, the State Fiscal Service and the Security Service of Ukraine discovered a scheme for selling low-quality petroleum products in the network of gas stations.

The gas station chain's estimated amount of tax evasion was about UAH 240 million.

Glusco Energy bought a gas station in Ukraine from Rosneft (Russia).