UPG expands its network following the AMCU’s decision: what it means for the fuel market
10 October 17:57
The Antimonopoly Committee of Ukraine (AMCU) has allowed Ukrpaletsystem (UPG) to lease another 60 filling stations of the ANP and Avias chains. This was reported by "Komersant Ukrainian" with reference to the agency’s website.
It is a permit to lease 60 gas stations by acquiring control over the unified property complexes of 17 companies.
Among them:
- AILONG EVOLUTION
- ALBILAND
- VERTIX MALL
- ECOTRADE COMPANY
- ANGEL CAPITAL
- EUROTRADE EXPO
- JASMY TRADE
- CORSO TOWN
- LAKE INVESTMENT
- LEADER FINANCE
- NEWPORT HOLDING
- PERSPECTIVE ABOUT
- SIRIUS GOLD
- SKY PROJECT
- SORELLA OIL
- START BUSINESS PLUS
- TAROS GROUP.
“Ukrpalletsystem will gain control over 60 gas stations: what preceded it
In the second half of May 2025, it became known that Ukrpaletsystem, a company associated with UPG owner Volodymyr Petrenko, had applied to the AMCU for the lease of 34 gas stations associated with the Avias network. It was about the potential lease or purchase of up to 400 gas stations. Experts estimated that the reopening of each gas station would require at least $200-300 thousand. The total investment could exceed $120 million, not including the cost of the transaction itself.
Then the AMCU returned the applications due to a violation of the procedure. However, the fuel market continued to be “feverish”. After all, the main players have already set themselves up to increase competition in the budget segment. The reason is UPG’s ability to offer fuel at lower prices due to its import capabilities and scale. This is a significant risk for local players and small networks operating in the regions.
It is worth noting that UPG has its own logistics, terminals and fuel tanker fleet, which allows it to provide a large-scale network with fuel without involving intermediaries. In 2023, the company also began to create its own energy infrastructure based on gas-piston power plants.
However, two months later, the AMCU changed its decision and granted UPG permission to lease 34 filling stations in Kyiv and Kyiv region, which previously operated under the Avias and ANP brands. The deal was about gaining control over the assets through lease rather than outright purchase. The landlords were legal entities (Tequila Gold, Sky Project, Sirius Gold, Image Evolution, Jasmi-Trade, Eurotrade Expo, and others), whose beneficiary is Yuriy Kiperman, the father of businessman Mykhailo Kiperman (business partner of Ihor Kolomoisky).
A few days after that, Petrenko launched the renovation and rebranding of the gas stations in Kyiv. He did not elaborate on how much he plans to invest in the modernization.
There is no exact amount yet, as all the facilities are different. “These stations need extensive repairs because they have not been operating for a long time. By mid-August, we will clean the tanks and pipelines and prepare the pumps to start selling fuel. The cost of this stage is UAH 3.5 million. We will start the full reconstruction, including rebranding, in the fall with those stations that show the largest spills. We plan to complete the modernization in about eight months,” Petrenko said.
He added that the Antimonopoly Committee of Ukraine has authorized the rebranding of the filling stations to UPG. Therefore, his company has simultaneously introduced a corporate governance model (ex-banker Oleksandr Matyushenko became CEO).
Read also: UPG has started rebranding Kolomoisky’s gas stations in Kyiv
But the case did not end there. In early August 2025, the AMCU allowed Ukrpaletsystem to lease another 47 gas stations owned by Privat Group companies. These were the assets of 10 companies, including Newport Holding (10 filling stations), Naftaprime (9 filling stations), and Lik Invest (6 filling stations). The stations are located in different regions of Ukraine.
In addition, two weeks later, it became known that UPG was granted permission by the Antimonopoly Committee of Ukraine to lease another 46 gas stations in Poltava and Zaporizhzhia regions.
The stations are owned by 10 companies, including:
- Albiland,
- Angel Capital,
- Jasmine Trade,
- Image Evolution,
- Corso Town,
- Leader Finance,
- Naftaprime,
- Newport Holding,
- Perspective on,
- Start Business Plus.
And at the end of September 2025, the AMCU approved the lease of 17 more ANP and Avias stations from Kiperman, which are linked to Kolomoisky’s assets.
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How much UPG is spending on its expansion
According to fuel market experts, the modernization of several hundred gas stations can cost from UAH 200 million to UAH 800 million. This includes upgrading equipment, cleaning tanks and branding.
Experts also remind of additional risks.
“The average renovation check is currently about UAH 1 million and includes tank cleaning, equipment upgrades and basic branding,” explained Sergiy Kuyun, director of A95 consulting company.
Oleksandr Sirenko, an analyst at Naftorynok, told NV media outlet that UPG has its own oil depots, railroad cars and fuel tankers. This means that the company can control its own margin. At the same time, he drew attention to the group’s lack of experience in managing hundreds of stations.
Volodymyr Petrenko emphasized that UPG has a stable financial base built up over more than 20 years of operation, so it uses its own resources.
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