2020-09-09T18:17:00+03:00 Economy 2024-08-15T07:52:43+03:00

Ukrainian news

Cabinet Instructs SPF To Privatize UMCC, OPP, Electrotyazhmash, President-Hotel By 2021 Despite Rada Ban On Pr

Cabinet Instructs SPF To Privatize UMCC, OPP, Electrotyazhmash, President-Hotel By 2021 Despite Rada Ban On Privatization Of Major Assets Until Quarantine End

The Cabinet of Ministers has instructed the State Property Fund (SPF) to privatize the United Mining and Chemical Company (UMCC), the Odesa Portside Plant (OPP), the Electrotyazhmash state enterprise (Kharkiv), and the President-Hotel joint-stock company (Kyiv) by 2021.

The relevant decision was made at a meeting of the Cabinet of Ministers on Wednesday, September 9, the Ukrainian News Agency reports.

According to the Cabinet of Ministers’ decision, this instruction was issued on the basis of President Volodymyr Zelenskyy’s decrees No. 713 of September 20, 2019 and No. 837 of November 8, 2019.

The Cabinet of Ministers also instructed the SPF to ensure privatization of the state-owned Krasnolimanskaya Coal Company.

In addition, the Cabinet of Ministers instructed the SPF to draft recommendations on subsequent ownership of the Odesa Oil Refinery by December.

On September 2, the parliament established parliamentary control over the privatization of state property and banned the sale of major assets until the end of the quarantine.

As Ukrainian News Agency reported earlier, the draft memorandum of cooperation between Ukraine and the International Monetary Fund provides for privatization of the Odesa Portside Plant the Centrenergo state power generating company, the President Hotel private joint-stock company, and three other state companies by July 2021.