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Black Sea Trade & Development Bank (BSTDB) will make available US$23mn corporate loan to Galnaftogaz, one of the top five petroleum retail networks in Ukraine. The BSTDB financing will support the company’s investment programme, which includes network expansion and modernisation of existing gas filling stations (GFS), mainly in western and central Ukraine.

The BSTDB financing will also facilitate modernisation 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.