BY
A few years ago, when then President Yanukovych and “family” were busy
“collecting” all assets they could possibly buy at knock down rates, coerce,
blatantly steal, raid, and otherwise take control of one way or another, an entry appeared regarding the sale of Odessa Oil Refinery to VETEK LLC by Luk Oil.
VETEK LLC being a vehicle then fronted by Andrey Koshel on behalf of the
now fugitive Serhiy Kurchenko.
It was, as that entry infers, a murky business – which will come as no
surprise.
On 25th November 2014, Odessa Oil Refinery was arrested being an asset
of Serhiy Kurchenko, wanted in Ukraine for all manner of corrupt activities.
It is no secret that Ihor Kolomoisky was a firm lobbyist for this asset
to be seized/arrested, despite transparent statements of disinterest at the
time – “It is not our asset,
and we are not interested in it, we have underused Kremenchug plant, and the
Odessa refinery should be closed so as not to spoil the ecology of Odessa.
Odessa should shine after the loss of the Crimea.”
Indeed, Ihor Kolomoisky’s trusted friend Ihor Palitsa was the Odessa
Governor at the time of the asset arrest.
Naturally only the truly naive would believe Mr Kolomoisky’s statement
of apparent disinterest, for as this blog stated on the day the refinery was
seized “Presumably all oil at
Odessa Refinery will now be stored at the State owned Ukrtransnefteprodukt.”
As with all State owned enterprises, there are those with an
interest and a certain amount of control over them.
In the case of Ukrtransnefteprodukt? Ihor Kolomoisky and Sergei
Pashinsky.
Since November 2014 little (legitimate and/or overt) has really occurred
at the Odessa Oil Refinery – although it is now, suddenly, seeing some
activity.
It is rumoured that the management has been told to prepare to have the
oil refinery running once more. Security personnel are being replaced.
It is said employment contracts for refinery personnel are being drafted.
The heavily backed rumour by the local “oil people” is that
Ukrtransnefteprodukt has taken over (or is about to take over) Odessa Oil
Refinery. Messrs Kolomoisky and Pashinsky will be pleased to have another
State owned enterprise from which to guzzle – no matter how long
Ukrtransnefteprodukt will actually own and/or the refinery.
So what happens to the oil at the refinery when it was seized (if it is
still there and hasn’t disappeared into the night ne’er to be seen again)?
How has Ukrtransnefteprodukt lawfully taken ownership? A
court verdict? A deal with Serhiy Kurchenko?
With whom has a deal been struck to supply oil to the refinery?
With low oil prices and a global glut of oil, to whom will the refinery
sell?
Is the State take over, if the rumours be true, less about oil and more
about nationalising an oil refinery asset simply with a view to get it on the
State books to then list it for privatising and sell on? To use an oil
trading phrase, is the government plan to assume ownership of this seized asset
to then “flip title” to a buyer thus gathering in the profit as swiftly as
possible?
If so, is there a potential buyer out there? It is not an asset
for which an argument can be made to retain it upon the State books when all is
said and done.
Something local to keep an eye on. A crude nefarious business – or
the a transparent slick operation awaits Odessa Oil Refinery?
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