Unipetrol's retail arm Benzina aims to complete reconstruction of 50% of its 319 Czech petrol stations by end-2007 and eyes further expansion on the Czech market, Benzina CEO Martin Durcak told journalists Wednesday. Overall reconstruction of Benzina's 319 fuel retail will be finalized in 2009. Benzina has earmarked CZK 1.3 bln for the reconstruction project from its own resources and thus far invested CZK 200 mln into the rebuilding of 78 stations, Durcak said.
Our view: The restructuring measures at Benzina already showed a good results in the last 2 quarters and we calculate with further improvement in our model. We believe the news should have the neutral trading impact on Unipetrol’s shares.