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Ukraine’s Asset Recovery and Management Agency (ARMA) is seeking a new manager for the assets seized from Odesa-based rare gas producer Cryoin Engineering, valued at around UAH 202m ($4.5m).
The company specialises in producing high-purity neon, helium, xenon, and krypton for use in semiconductor manufacturing, electronics, and laser systems.
ARMA said the assets comprise production facilities in Odesa and the surrounding region, alongside gas production, packaging, and transportation equipment. These include two rare gas production complexes in Odesa Oblast, as well as two leased production facilities in Odesa itself.
The portfolio also includes over 1.1 hectares of land, residential properties, and the company’s corporate rights.
It follows the seizure of Cryoin’s assets in 2023, after Ukrainian authorities alleged that Russian citizens were among the enterprise’s beneficial owners.
ARMA inspected the facilities in March 2025 and launched preliminary market consultations that September, inviting prospective managers to submit commercial proposals.
At the time, the agency described the complex as “commercially attractive” and said no additional investments would be required to resume operations.
However, the most recent announcement does not confirm whether the facilities remain operational, their current capacity, or when a new manager could be appointed.
of Ukraine’s internationally significant rare gas processing industry, which faced substantial disruption following Russia’s invasion in February 2022.
According to reports, the company previously produced between 10,000 and 15,000 cubic metres of neon gas per month.
Before the war, was estimated to account for around half of global neon supplies, alongside significant shares of the international krypton and xenon markets.
