Galnaftogaz to increase EBITDA by 19% yoy in 2010

Galnaftogaz (UX: GLNG UK) expects to increase its EBITDA to USD 72 mln in 2010, an increase of 19% yoy, CEO Nazar Kupibida said yesterday during an analyst day event. Kupibida said the company was planning to obtain a net profit of USD 100-150 mln, vs. USD 91.7 mln in 2009, according to IFRS. Kupibida said that Galnaftogaz was planning to place an additional 25% stake via an IPO in 2011; he added that the placement could be increased to 40-45% with the backing of the company’s majority shareholder.