Ukraine’s oil giant plans to double production and create a network of 1,200 gas stations.  

According to Ukrnafta’s 2023 financial plan, its capital investments will increase to UAH 35B ($920M), according to the Ministry of Finance. The company’s strategic plan envisages increasing oil production from 1.5 million tons to 3 million tons per year, drilling 40 new wells, and increasing gas stations in 2023 to 694 in 2024 and up to 1,200 in 2027.

To accomplish this, the company aims to increase capital investments from UAH 9.2B in 2023 to UAH 18.6B in 2024 and to UAH 35B in 2025. In addition, Ukrnafta will spend almost UAH 3B this year on the reconstruction and modernization of the gas station network and UAH 3.2B for the purchase of goods and petroleum products, as well as logistics costs for the gas station network.

As a result, in 2023, the company plans to increase its net income by 81%, and its net profit will reach UAH 12B ($310M).