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Ukrgaz-Energo to Import 3 mln mt of Oil in 2007

Ukrgaz-Energo to Import 3 mln mt of Oil in 2007

30 October 2008

Next year Ukrgaz-Energo (UGE) will import 3 mln mt of oil from Rosneft and Surgutneftegaz in Russia and process it at the Kremenchug Oil Refinery (Ukrtatnafta) for sale domestically, according to company representative Igor Voronin. UGE also announced plans to develop its own network of filling stations. Voronin said the company favors building new stations over acquiring existing facilities. Vladimir Nesterenko: It looks like UGE is going to become not only a monopoly supplier of imported gas, but also an influential player in the fuel market. If its oil plans are indeed realized, the company may grab about 12-15% of the domestic retail market, thereby enabling the government to gain serious levers over the market in general and fuel prices in particular. Although the development of its own retail network will take time, the expansion of UGE into the oil business might improve the strategic position of domestic fuel producers against imports, while non-integrated retailers may suffer from tougher competition.

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