Ukrnafta Expands Downstream Operations (UNAF: BUY)
7 June 2008
On June 1, the company bought 25 gas stations from Zaporizhnaftoprodukt, an oil product trader associated with Privat Bank, for a total of USD 26.7 mn. Ukrnafta bought an additional 25 gas stations on June 2 from Avias Plus and Kremenchuknaftoservis for USD 32.1 mn. Both companies are closely linked to Privat group. Concorde Capital: Ukrnafta?s management previously stated its target of a total of 800 gas stations by the year end. Now Ukrnafta?s retail network encompasses 441 unit. Average price of newly acquired gas stations is close to USD 1.2 mn.
