Galnaftogaz to increase network to 638 stations by 2013

Galnaftogaz (GLNG) said yesterday it plans to increase its number of filling stations by 346 to 638 by 2013. According to Yuriy Kuchabsky, Galnaftogaz’ vice president for commercial affairs, the company already owns a number of land plots on which it plans to construct the stations, thus new investments will be directed to actual construction of the facilities. Kuchabsky said that in late 2008 one station could recoup investments within seven years, but now the company is looking to build stations that can payback investments in no more than five years. Andriy Gerus: We are more conservative and forecast Galnaftogaz to increase its chain to 500-550 by 2013. This growth could be partially funded by the European Bank for Reconstruction and Development’s capital injection; in July the EBRD agreed to provide USD 50 mln to the company in two stages in December 2009-January 2010 and later in 2010.