Court confirms legality of ARMA's termination of contract with Naftogaz for management of Glusco gas stations

On December 20, the Economic Court of the city of Kyiv confirmed the legality of the termination by the Asset Recovery and Management Agency (ARMA) of the contract with Naftogaz Oil Trading LLC to manage the network of Glusco gas stations.

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

"ARMA signed a contract with Naftogaz Oil Trading for the management of the Glusco gas station network as early as 2022. Due to improper management, which was confirmed by ARMA's internal inspections, and violation of the terms of the contract, which caused minimal revenues to the state budget, on August 3, 2023, the National Agency terminated the contract with Naftogaz Oil Trading. For the purpose of proper management, ensuring proper functioning and preventing interruption of the activity of this asset, ARMA urgently notified the Cabinet of Ministers of the need for a new asset manager who will carry out activities in the interests of the state," the message reads.

As Ukrainian News Agency earlier reported, in September 2022, the largest oil producing company Ukrnafta and ARMA signed an agreement on the management of the network of Glusco gas stations.

In August 2022, ARMA terminated the contracts with the Naftogaz Oil Trading company to manage the assets of the Glusco gas station network.

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

In December 2021, Greek businessman Dimitrios Anifantakis announced that he had acquired 100% of the shares of Glusco Energy S.A. (Switzerland), which owns more than 100 gas stations and 4 oil depots in Ukraine.

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

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

The estimated amount of tax evasion by the gas station chain was about UAH 240 million.

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