Ukraine has begun to achieve better results in securing sufficient crude Oil supplies for its refineries by offering oil exporters in Russia and Kazakhstan a stake in the countrys refineries. Ukraines recent success in privatizing its refineries has allowed the country to secure additional oil supplies to meet domestic demand, as Well as to attract funds for necessary renovation work and to boost utilization rates at its refineries.
In early 2005, UkrTransNafta, which controls Ukraines largest refinery at Kremenchug, announced a $1.7 billion modernization plan to boost Petroleum product quality in line with EU quality standards. The largest component of the plan includes upgrading the Kremenchug refinery to improve Gasoline quality and to lower sulfur content.