The Cabinet of Ministers of Ukraine has appointed PJSC Ukrnafta as the manager of the assets of the Glusco gas station network, head of the board of NJSC Naftogaz Ukrainy Oleksiy Chernyshov has said.

"The Cabinet of Ministers also set the task of resolving the issue of reimbursement of expenses incurred by Naftogaz Oil Trading LLC (NOT, U.GO gas station chain), which was engaged in the relaunch of Medvedchuk's seized commercial assets," he clarified on his Facebook page.

In turn, ARMA clarified that under the management agreement, Ukrnafta undertakes to pay at least UAH 5 million to the budget monthly for the operation of assets, regardless of financial results. The company must also contribute 85% of the income from managing Glusco's assets to the state treasury.

"The Agency's only strategic goal when selecting a manager of seized property is to maximize contributions to the state budget. Thus, ARMA contributes to strengthening the defense capability of the state and stabilizing its economy," the press release notes.

As reported, the Cabinet of Ministers of Ukraine in May 2022 agreed on ARMA's proposal to transfer to the management of NJSC Naftogaz Ukrainy the seized assets of the Glusco company (until 2018, the Rosneft oil company network), which were associated with Viktor Medvedchuk.

The asset manager was determined to be NOT, with which ARMA subsequently entered into a fixed-term management agreement.

At the end of July 2023, the head of ARMA, Olena Duma, announced that the National Agency would conduct audits of the effectiveness of management of the largest assets, and an audit of the effectiveness of Naftogaz's management of the Glusco gas station network had already begun.

At the beginning of August, ARMA announced the termination of contracts with NOT to manage the assets of the Glusco gas station network.

At the same time, Naftogaz stated that, under the management of NOT, the work of 81 filling stations and one oil depot, which had not worked for a year and a half, had been resumed, and wages were paid to employees on a timely basis. From August 2022 to July 2023, some UAH 289 million of mandatory payments were paid to the state and local budgets.