KIEV, May 11 ??“ UkrNafta, Ukraine??™s largest oil producer, mulls acquisition of two oil refineries in order to cut costs while producing gasoline and sell it through its own gas pumps, a key shareholder said Thursday.

Ihor Kolomoyskiy, who is thought to own 42% of UkrNafta, said the company mulls buying majority stakes in Galychyna and Naftokhimik Prykarpattia refineries that may cost up to $350 million each.