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EBRD loan made available to Galnaftogas
$25 million loan for Ukraine’s independent petroleum retailer
The European Bank for Reconstruction and Development is providing a $25
million loan to OJSC “Concern Galnaftogaz” for expansion of its full service
petrol stations chain. The loan will be used to continue the modernisation of
the network into full-service, OKKO-branded stations and for the Ukrainian
company’s ongoing expansion programme.
Over the years Galnaftogaz has been transformed from a small business into
Ukraine’s largest independent petrol stations operator. The company initially
accessed EBRD small business financing via the latter’s Ukrainian partner
banks; it has now graduated to become a direct borrower of the Bank.
Full-service western-style OKKO petrol stations set the Ukrainian benchmark
for high environmental standards and reliability. Galnaftogaz is also one of
the first companies in the country to implement a corporate governance
programme. Kamen Zahariev, EBRD Ukraine Country Director, stressed that the
company sets an important example for Ukraine corporates in how a purely local
company can adopt and successfully develop internationally-recognised business
practices.
This loan supports the progressive and modernising team demonstrating
competition through efficiency and offering assured quality and genuine
service to the public.
Over years we have developed solid business relationship with the EBRD and
this project is an important step in fulfilment of our investment programme,
said Yuriy Kuchabskyy, General Director of OJSC Galnaftogas.
Since the beginning of its operations in 1993 the EBRD’s cumulative
investments in Ukraine stand at €1.9 billion through more than 70 projects.
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