Galnaftogaz Increases Number Of OKKO Stations To 176

Yesterday Galnaftogas (GLNG: U/R) announced that its number of OKKO branded stations increased to 176. Vladimir Nesterenko: At the beginning of the year, the company had 157 OKKO stations and 43 non-branded stations. Given that Galnaftogaz launched only 19 OKKO stations in 6 months, its plan to have 258 OKKOs by the end of this year looks overly ambitious. Our earlier forecast for 2007 was 219 OKKOs, which implies the company would have to add 43 stations by the end of the year, twice more than in the first six months. We are currently reviewing our forecasts.