BSTDB Finances the Expansion Program of a Major Ukrainian Petroleum Distribution Company

Press Release | 22-Oct-2004

BSTDB will make available US$23 million corporate loan to Galnaftogaz, one of the top five petroleum retail networks in Ukraine. The BSTDB financing will support the company's investment program, which includes network expansion and modernization of existing gas filling stations (GFS), mainly in Western and Central Ukraine.

The BSTDB financing will also facilitate modernization of the Company's network according to European standards, reduction of harmful emissions and diversification of distribution sources in the local market.

The operation is expected to have a solid regional cooperation effect from servicing regional transportation flows running through Ukraine, and from delivering of fuel transportation vehicles from Russia.

Established in 1995, Galnaftogaz is a Ukrainian light-petroleum distribution company controlling over 5% of local retail market of gasoline and oil products. As of today Galnaftogaz employs more than 5,000 people. The Company plans to more than double its market share in five years.