PROJECT

Projects

Summary of Investment Information

Project Number

43225

Company Name

CONCERN GALNAFTOGAZ, JSC

Date SPI Disclosed

Apr 27, 2020

Country

Ukraine

Region

Europe

Projected Board Date

May 28, 2020

Environmental Category

B - Limited

Status

Active

Last Updated Date

Jun 12, 2021

Department

Regional Industry - MAS ECA

Industry

Manufacturing

Previous Events

Approved : Jun 18, 2020
Signed : Jun 26, 2020
Invested : Feb 16, 2021

Sector

Other Petroleum and Coal Products

Project Description

 The proposed investment is to support JSC “Concern Galnaftogaz” (“GNG” or the “Company”), an independent distributor of transportation fuels based in western Ukraine, by providing a long-term corporate loan to finance the Company’s 2020-2022 capex and working capital needs (the “Project”).

GNG is Ukraine’s largest company in retail distribution of transportation fuels in terms of sales volume and third largest by number of filling stations. As of December 2019, the Company owned and operated 357 OKKO-branded filling stations. In 2019, GNG sold 849 thousand tons of petroleum products (incl. LPG) in the retail segment, generating total EBITDA of US$151 million on US$1.6 billion of revenues.

The Project includes the following components: (i) working capital to develop GNG’s Farmer-Supply Program (FSP) and other agricultural related permanent working capital, (ii) improvements in GNGs logistics infrastructure; and (iii) growth and improvement capex fuel stations network, including the installation of electric charging stations.

                                                  

Associated Advisory Engagement

  AS project # 599789                                                 

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation