PJSC Ukrnafta and the Asset Recovery and Management Agency (ARMA) have jointly submitted an application to the Antimonopoly Committee of Ukraine (AMCU) for merger clearance. This move is a significant step towards assuming full management of the Tatneft Group’s assets.

Following a directive from the Cabinet of Ministers of Ukraine, Ukrnafta has been entrusted with the management of several Tatneft assets, which were previously seized in criminal proceedings.
These assets encompass over 110 facilities of diverse types, including gas stations, oil depots, and other commercial properties, predominantly located in the Poltava and Kharkiv Oblasts.
 
It’s crucial to highlight that the majority of these facilities are currently in a state of disrepair, rendering the safe sale of petroleum products unfeasible. The ongoing conflict in areas housing Tatneft’s filling stations and tank farms, coupled with a prolonged period of equipment non-upgradation, has resulted in some assets being reduced to mere land plots. These plots now require the construction of new filling stations, and the destroyed stations necessitate extensive reconstruction or even complete rebuilding.
 
As it stands, only about 15 of the 70 filling stations in the TATNEFT network are operational. A similar situation prevails with the idle oil depots.
 
Industry experts underscore the need for substantial efforts to rehabilitate these filling stations. Ukrnafta is tasked with evaluating each case individually to determine the necessary investment level and the projected timeline for returns.
 
The asset management agreement between ARMA and Ukrnafta is currently in the final stages of approval.