The Cabinet of Ministers of Ukraine has approved the terms of sale of 99.5667% of shares of the Odesa Port Plant (OPP) joint stock company at an electronic auction.
This is announced in a statement by the Ministry of Economy, Environment and Agriculture, Ukrainian News Agency reports.
The relevant order was adopted at a meeting of the Government on August 26.
The statement says that JSC Odesa Port Plant is one of the key objects of large-scale privatization.
In December 2024, the Government began preparing and putting up for sale the state stake in OPP.
The Cabinet of Ministers' order sets the starting price for the sale of the state stake in OPP at UAH 4 billion 488 million 523 thousand.
However, the starting price at the auction does not take into account additional obligations that affect the real value of the assets.
According to the approved conditions, the new owners of the stake in JSC Odesa Port Plant must:
- maintain the main activities of the enterprise for 5 years;
- make investments in the amount of at least UAH 500 million for 5 years;
- repay debts from wages and to the budget within 1 year;
- repay overdue accounts payable within 5 years, except for debts to individuals/legal entities subject to sanctions in accordance with the Law of Ukraine "On Sanctions", and related persons, as well as creditors whose beneficiaries are citizens/residents of the russian federation and the Republic of Belarus;
- provide social guarantees to the enterprise's employees;
- comply with the requirements of environmental legislation.
The State Property Fund must annually inform the Cabinet of Ministers of Ukraine about the buyer's fulfillment of the terms of the purchase and sale agreement for the state stake in JSC OPP.
It is noted that the privatization of this plant will make it possible to resume the operation of the enterprise.
In September 2021, the plant stopped producing basic chemical products due to problems with gas supply and low product costs on the world market.
In April 2022, it was announced that the plant would be closed and employees would be sent on indefinite leave.
The new owner and investments in such an important facility for the country will allow the restoration of production processes and production in wartime conditions.
As Ukrainian News Agency earlier reported, in September 2023, OPP asked President Volodymyr Zelenskyy to facilitate the launch of production.
OPP specializes in the production of ammonia and urea, and the transshipment of chemical products imported from the CIS countries for export.
99.5667% of the shares of the OPP belong to the state and are managed by the State Property Fund.
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