Government approves compulsory acquisition of Odesa refinery in favour of state

This was announced by Deputy Head of the National Agency for Asset Recovery and Management (ARMA) Pavlo Velykorechanin, Ukrinform reports citing ARMA.

"Today, the Cabinet of Ministers of Ukraine has agreed on the proposal of the National Agency to compulsorily seize PJSC Odesa Oil Refinery in the interests of the state," Velykorechanin said.

According to him, this decision allows for the compulsory seizure of the property of the Russian Federation and its residents, which concerns corporate rights in the amount of 99.5766% of the plant's shares and its debt obligations to residents of the Russian Federation, as well as 100% of the authorised capital of Energy and Gas Ukraine LLC.

On the instructions of the President of Ukraine, the government and ARMA have developed a roadmap for the further development and use of the capacities of the seized plant, which was owned by a pro-Russian businessman before it was seized.

As reported, in 2021, the Kyiv District Court of Odesa decided to transfer the property complex of PJSC Odesa Oil Refinery and LLC Energy and Gas Ukraine to the management of the Asset Recovery and Management Agency (ARMA).