Galnaftogaz’s (GLNG: BUY) General Director Yury Kuchabsky said growth was needed before an IPO on foreign exchanges takes place. Kuchabsky said the IPO will not take place before 2008 and a possible venue is the Warsaw Exchange. By that time, the company is planning to increase its share of the retail petroleum market from 6% to 8-11%, add 20 large filling stations under their OKKO brand and raise the number of OKKO stations to 467. Kuchabsky estimated the company’s net profits will rise by 10-20% in 2006. Vladimir Nesterenko: Earlier Galnaftogaz planned an IPO in 2007. Postponing the IPO for a year looks reasonable to us, last year’s performance demonstrated that it is not so easy to sustain rapid growth in a highly competitive market. To achieve its target of 8-11% market share, Galnaftogaz will spur its network growth, which explains why the management raised the targeted total number of stations from 386 to 482 (467 of which are OKKO stations). Currently, we are preparing an update on the stock; the report will be released soon.