EBRD to become Galnaftogas shareholder

The European Bank for Reconstruction and Development intends to become a shareholder in the Galnaftogas concern (Lviv, West Ukraine) at the cost of investments in the company's capital to the tune of USD 50 million, a Galnaftogas press release says.

The EBRD funds are destined for financing Galnaftogas until 2012.

In 2005, the EBRD extended to Galnaftogas a loan of USD 25 million, and USD 100 million in 2007.

The Galnaftogas concern is part of the Universal Investment Group holding, and one of the biggest owners of filling stations in Ukraine.

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