Galnaftogas

completed

_x000C_Joint Stock Company Galnaftogaz (GNG, or the company) was founded in 2001 and currently operates one of Ukraine’s new and fastest growing networks of service stations selling petroleum products and related services. Since 2001, the company has grown steadily to establish 156 service stations in Western and Central Ukraine with a sales turnover of $169 million equivalent in 2004. The Company has also developed a brand called OKKO for its 93 premium stations. GNG owns 16 tank storage installations (terminals) as well as a large fleet of vehicles as part of its distribution infrastructure. IFC’s investment will provide financing for further expansion of the company’s network to other regions in the country, which will result in a significant increase in its market share and profitability. The total project cost is estimated at $115 million over five years. The proposed IFC investment consists of an A loan of up to $20 million and equity/quasi-equity of up to $5 million.