ARMA will not terminate the UNB asset management contract with Ukrnafta until the Supreme Court decision

The Agency for Search and Management of Assets (ARMA) will not initiate the termination of the management contract with Ukrnafta PJSC for the seized assets of the company Ukrnaftoburinnia in connection with the decision of the Sixth Administrative Court of Appeal, because of which the company lost a special permit to use the subsoil of the Sakhalin oil and gas condensate field. This was reported by the ARMA press service.

ARMA emphasizes that the management contract with Ukrnafta (signed on June 14, 2023) does not contain provisions that interpret the cancellation of a special permit for subsoil use as a sufficient reason for terminating the management contract.

"ARMA does not intend to look for a new manager of the assets of Ukrnaftoburinnia until the current manager has exhausted the legal possibilities of settling the existing situation. Ukrnafta has already appealed to the court with a corresponding cassation complaint," ARMA notes.

Only in the case of a decision of the Supreme Court on the final loss of a special permit, the management contract can be prematurely terminated.

In addition, ARMA intends to create an interdepartmental working group, which will include representatives of state authorities and independent specialists. The purpose of her work is to ensure the fulfillment of the terms of the contract and the receipt of income to the state budget.