Ukrainian regulator allows Ukrnafta to manage Tatneft assets
MOSCOW. June 21 (Interfax) - The Antimonopoly Committee of Ukraine on Thursday gave the green light for oil company Ukrnafta to take over management of the assets of Russian oil company Tatneft , Ukrainian media reported, citing a statement from the regulator.
This refers to stakes of more than 50% in Tatneft-AZS-Ukraina, Poltava Capital LLC and Kharkov Capital LLC.
Ukrnafta said earlier that the decision concerns more than 110 properties of various types, including filling stations, tank farms and other buildings, in Poltava and Kharkov regions. Most of these properties are in poor condition, the company said. Only 15 of the almost 70 filling stations in Tatneft's chain are operational and there is a similar situation with nonoperating tank farms.
In light of this, substantial efforts will be required to restore the filling stations and Ukrnafta will have to review each property individually to assess the necessary amount of investment and recoupment period.
Ukraine's Cabinet put Tatneft's seized assets under Ukrnafta's management in August 2023. But at the beginning of 2024 the Asset Recovery and Management Agency (ARMA) said it would ask the Cabinet to terminate contracts with Ukrnafta to manage the Glusco filling station chain and Tatneft's assets due to delays in signing transfer and acceptance documents for the assets of the Glusco filling stations and the submission of documents to the Antimonopoly Committee to receive the necessary permits.
In March 2024, Ukrnafta and ARMA signed the transfer and acceptance documents for the Glusco chain. The company said it was receiving previously seized corporate rights in 34 businesses, real estate in the form of the filling stations, land, tanks farms and other assets. The parties also changed the terms of the management contract signed in September 2023 to increase the government's share of Glusco net profit to 90% from 85% and reduce Ukrnafta's share to 10% from 15%.
The Antimonopoly Committee granted Ukrnafta permission to consolidate the assets of Glusco, including the chain of filling stations, in March.
Ukrnafta, Ukraine's largest oil producer, has a national chain of 537 filling stations, 456 of which are operating. Ukrnafta's largest shareholder is state oil and gas company Naftogaz Ukraine with 50% plus one share.
