Naftogaz Oil Trading invested more than UAH 25.7 million in seized assets of the Glusco network

Naftogaz Oil Trading LLC (NOT) last year restored the seized assets of Glusco Ukraine as quickly as possible to meet the needs of the fuel market and consumers, having invested more than UAH 25.7 million. This is stated in the statement of the U.GO network, which is managed by the NOT.

At the time of the transfer in May 2022, the majority of the assets of the Glusco Ukraine Group's enterprises were in an unsatisfactory condition, were not operated, employees did not receive wages, and payments to the budget were not made, the statement says.

"This is a normal situation during the resumption of operation of the network of service and trade facilities. At the beginning of such a process, the manager has to incur significant costs for repairs, maintenance, rebranding, purchase of goods, advertising, etc. Such expenses are covered by the received income," says the NOT.

Naftogaz Oil Trading LLC, having ensured the preservation of assets, restoration of their commercial operation, and return to the sphere of state management, has legitimate expectations of receiving revenues in the near future, at the expense of which the costs of the initial period of management should be compensated, the company notes.

"Therefore, 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 network of gas stations 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", - says the message of the NOT.

The company believes that an assessment of the efficiency of Naftogaz Oil Trading as a manager can be given only after the completion of the full period of asset management.