Naftogaz Oil Trading LLC considers ARMA's (Asset Recovery and Management Agency) statement that the costs of managing the Glusko gas station exceeded revenues by 12 times to be manipulative, reported the U.GO gas station chain, operated by Naftogaz Oil Trading LLC.
"Naftogaz Oil Trading LLC invested more than 25.7mn hryvnas in the seized assets of the Glusco network and is working on returning the investment. Ukraine is under the Russian missiles. Infrastructure objects are also among the targets. Despite shelling and destruction, Ukraine demonstrates resilience, including on the energy front. In May 2022, the Government decided to transfer Medvedchuk's seized property to the management of the Naftogaz Group. At the time of the transfer, the majority of property assets of the enterprises of the Glusko Ukraine Group were in an unsatisfactory condition, that means not operated, employees did not receive wages, and payments to the budget were not made," the message states.
Naftogaz Oil Trading LLC restored the operation of seized assets as quickly as possible to meet the needs of the fuel market and consumers. They have invested more than 25.7mn hryvnas (the total amount of investments exceeds the amount of 25.7mn hryvnas announced by ARMA).
"This is a normal situation while restoring the network of service and trade facilities. At the beginning of such a process, the company spends a lot for repairs, maintenance, rebranding, purchase of goods, advertising, etc. Such expenses are covered by the received income," the message states.
Naftogaz Oil Trading LLC has fully implemented everything to ensure the preservation of assets, the restoration of their commercial exploitation, the return of assets to the sphere of state management, so that it has legitimate expectations to receive the revenues as soon as possible to compensate the initial management period.
Thus, Naftogaz Oil Trading LLC considers ARMA's statement that the costs of managing the Glusko gas station exceeded revenues by 12 times as manipulative and contrary to business laws and common sense. After all, the restoration of the gas station network required significant investments in a short time, and the return of the invested funds occurs systematically, in accordance with the pace of development of the network and the increase of profits, and cannot take place within a month or even six months.
"Evaluation of the performance of Naftogaz OilTrading LLC as a manager can be given only after the completion of the full period of asset management," the message states.
It is also reported that, as of today, the network of gas stations U.GO is developing and working effectively. The U.GO gas station employs 862 employees who perform their duties despite the constant threat of shelling, especially in frontline cities. Naftogaz Oil Trading LLC ensures a stable supply of high-quality fuel at the U.GO gas station and monitors the availability of prices.
Earlier Naftogaz Oil Trading LLC reported that it effectively and transparently manages the network of Glusco gas stations, and ARMA's actions regarding the termination of management contracts are illegal. The company sent its position with justification to ARMA on 7 August, 2023.