On October 13, the Constitutional Court announced that the transfer of the state’s stakes in Galychyna Refinery and Ukrtatnafta to Naftogaz Ukrainy was unconstitutional. Earlier, in September 2004, then President Leonid Kuchma, signed a decree to create a vertically integrated oil company based on Naftogaz Ukrainy and stipulated the transfer of the 25% stake in Galychyna refinery and 43% stake in Ukrtatnafta (Kremenchuk refinery) from the State Property Fund to Naftogaz. Concorde Capital: This move makes the creation of a vertically integrated oil company more uncertain. However, this may be beneficial for Privat group, who has long tried to develop Ukrnafta, as opposed to Naftogaz, into a vertically integrated company.