Ukrnafta to expand liquefied gas retail network by 3.5x by end-2012

Ukrnafta (UX: UNAF UK, SELL) plans to increase its number of filling stations selling liquefied gas by 3.5x to 139 points-of-sale from 40 currently by the end of 2012, according to an announcement yesterday on the company’s website. Ukrnafta owns a total network of 563 gas filling stations. Antonina Davydenko: In 2010, sales of liquefied gas amounted to USD 77 mln, 2% of total revenues. Tripling its LPG network implies a solid addition to the company’s 2011E revenues, which we forecasted at USD 3.5 bln.