Court rules in favor of ARMA in dispute with Naftogaz over seized Glusco gas stations
The Asset Recovery and Management Agency proved in court the legality of terminating the management contract with Naftogaz Oil Trading LLC, the ex-manager of the Glusco gas station chain, reported the press service of the state-owned asset manager.
"On December 20, 2023, the Commercial Court of the City of Kyiv passed a court decision, according to which the legality of ARMA's actions regarding the unilateral termination of the management contract with Naftogaz Oil Trading LLC was established," the message reads.
The agency signed an agreement with Naftogaz Oil Trading to manage the Glusco gas station network as early as 2022. On August 3, 2023, ARMA seized the former Glusco gas stations from Naftogaz, but the state oil and gas company refused to return them.
In September, Ukrnafta officially became the new manager of the arrested gas stations, which formerly belonged to Viktor Medvedchuk.
According to the company, the gas station network it acquired includes 100 gas stations in different regions of Ukraine and in different conditions. Ukrnafta itself is one of the three leaders in the retail fuel market of Ukraine, its network consists of 456 operating gas stations.
The Glusco network was created on the premises of former Rosneft gas stations, which operated under the brands Formula, TNK, Golden Gepard, and Smile. In 2016, Rosneft decided to sell them to the Swiss Proton Energy group of businessman Nisan Moiseev, who was informally associated with Viktor Medvedchuk.
In the spring of 2022 after Russia's full-scale invasion, Glusco gas stations were arrested.
In May 2022, the Cabinet of Ministers of Ukraine decided to transfer the property of Glusco Ukraine LLC and Glusco Retail LLC to the management of Naftogaz Oil Trading LLC. This decision was explained by the emergence of an emergency situation in the energy sector, that is, a shortage of gasoline and diesel fuel.
In September 2022, Naftogaz Oil Trading began to restore the operation of gas stations of the Glusco network under the U.GO brand, but in August 2023, ARMA terminated the contract with the company, citing low royalty payments.
On September 13, 2023, the Cabinet of Ministers decided to transfer the Glusco gas station to the management of Ukrnafta.
