The Stockholm arbitration prohibited the OPP to alienate non-current assets

The Stockholm arbitration prohibited the OPP to alienate non-current assets

05.04.2016 News

The Stockholm arbitration prohibited the OPP to alienate non-current assetsThe Stockholm arbitration prohibited the  “Odessa Portside Plant”, PJSC to alienate non-current assets, according to the press-service of Group DF.

“March 31, 2016  the Stockholm arbitration satisfied the request of the  Ostchem Holding Ltd (included in Group DF) and ordered the OPP  till August 31, 2016 to refrain from alienation or encumbrance in any way methods of its non-current assets”, – said in a statement.

As noted in the press-service, the Ostchem appealed to arbitration with a corresponding request to protect their rights in relation to OPPs debt (including the planned privatization of the enterprise).

“The sole purpose of the Ostchem in  applying for arbitration is to return  debt of the OPP for the gas. The amount of formed almost 3 years ago debt of the OPP debt to the Ostchem (excluding fines, penalties and other losses) is $ 193 million”, – sums up the press-service.

As reported, the State Property Fund (SPF) of Ukraine intends to announce an auction on privatization of the “Odessa Port Plant”, PJSC in the second half of May and hold it in June.

The “Odessa Portside Plant”, JSC (OPP) is one of the largest enterprises of chemical industry in Ukraine.

The OPP specializes in the production of ammonia, urea, liquid nitrogen, carbon dioxide, liquid oxygen, sodium sulphate. It is also engaged in an overload of chemicals entering from CIS countries for export (a monopoly on the Ukrainian market for the reception, cooling and transshipment of ammonia).

Source: interfax.com.ua

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