Galychyna Refinery Plans To Increase Profit 14-Fold To UAH 52 Million In 2006.

According to the head of Galychyna Refinery’s (HANZ) advisory board, Oleksandr Lazorko, the refinery plans to increase net income almost 15-fold to USD 10.3 mln in 2006, from USD 0.7 mln in 2005. Lazorko also refuted the State Property Fund’s claim that creative accounting resulted in Galychyna making a profit of only USD 2.6 mln in the 2001-2005 period. In denying the accusations Lazorko said that he and his private accounts had gone over the company’s books, however, he said that he could not answer for the actions of the company’s former leadership.