Ukraine plans to sell the Odessa Port Factory with the discount

Ukraine plans to sell the Odessa Port Factory with the discount

19.07.2016 News

Oděsa,_přístav,_loďThe State Property Fund (SPF) of Ukraine expects to announce the second tender for sale of “Odessa Port Plant” in late summer – early autumn. This was stated by Igor Bilous, head of the State Property Fund at a press conference in Kyiv on Tuesday.

“We expect to start the second round at the end of summer or in early September … Investors from the US, Turkey and the Arab countries continue to maintain their interest”, – he said.

The head of the State Property Fund said that for the success of the re-competition is necessary to change some of the conditions of privatization. At the same time, he noted that the starting price of 99.6% of the shares Odesskgo Portside Plant will be reduced.

According to him, a significant remark by investors has been high price of Plant within the context of political and economic problems. “We need to revise the terms and the price is one of these conditions,” – said Bilous.

Bilous admitted that the discount can reach 30%, but this discussion has just begun. “Before, we had an idea of 30% discount could be applied.” – He said.

The head of the State Property Fund said that the agency is going to begin a dialogue with the government about the possibility of tax incentives for future investors. Another important issue is to restructure the debt of the Odessa port plant to Group DF, he said.

“Some investors do not want to work with the lender. Investors have expressed the wish that an agreement was signed on the restructuring of the debt before the sale of the plant.”- concluded Bilous.

According Bilous, besides the Odessa Portside Plant and Group DF, one more party of the restructuring agreement must be “Naftogaz of Ukraine” as a supplier of gas (the main raw material) for chemical enterprises.

As previously reported, the sale competition of Odessa Portside Plant has failed: no company has filed an application for participation in it.

Also recall that when Cabinet of ministers of ukraine, has called privatization price of Odessa Portside Plant, he promised not to allow any Russian companies become participant of the competition.

In turn, the main creditor of Ukraine called for to reduce the starting price of Odessa Portside Plant. IMF and EBRD claim that international investors may withdraw from participation in the auction.

Construction of JSC “Odessa Portside Plant” began in 1975, and its products plant has been produced since 1978. The main purpose of the company is the production of ammonia and other chemical products. The plant also receives and overloads in sea-going vessels for the export products from other enterprises of Ukraine and Russia: ammonia, urea, methanol and liquid nitrogen fertilizer complex.

Read more: The Odessa Port Plant will pass into the private ownership

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