Amid continuing tension related to Russia and Ukraine’s fuel supply, Ukrainian company Great East Energy (OTCQB:GASE) announced on Tuesday that it is forming a joint venture for Compressed Natural Gas distribution and retail.
“Few investors in GASE realize that the Ukraine is the eighth largest natural gas vehicle market in the world and the second in Europe behind Italy,” Timur Kkromaev, CEO of Great East Energy said in a press statement. “As we continue our natural gas exploration and expand production, entering the CNG distribution and sales segment is a logical step to diversify our customer base, increase our revenues, boost our margins and increase returns to our shareholders.”
Great East Energy, however, did not announce the name of the other company in this joint venture, stating instead that it’s “a renowned CNG station operator” in Ukraine with approximately $6.8 million in compressed natural gas sales and ten stations in major Ukrainian cities.
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