Ukrnafta Ups Number Of Filling Stations To 560

According a company announcement, in November Ukrnafta put into operation two filling stations, increasing its overall network size to 560 outlets. Vladimir Nesterenko: The pace of Ukrnafta’s retail network development over the past few months indicates that, contrary to our expectations, the company is unlikely to achieve its year-end target of 588 stations. It’s still possible for the company to surprise us, but 565-570 stations looks much more realistic. However, the possibility of having 4% less fuel stations at the end of the year than planned does not look like a serious threat to Ukrnafta’s top line, and we retain our 2007 revenue forecast of USD 1.7 bln unchanged.