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Ukraine to auction off its largest chemical plant in December

Xinhua, November 1, 2016 Adjust font size:

Ukraine plans to undertake a second attempt to auction off its largest state-owned chemical producer Odessa Portside Plant (OPP) on Dec. 14, the State Property Fund said Monday.

During the auction, the starting price for the OPP, which was previously set at about 518 million U.S. dollars, will be reduced to about 202 million dollars, said a statement on the fund's website.

To participate in the auction, potential buyers should submit their bids and a financial guarantee of 10 million dollars to the fund by Dec. 6, the statement said.

The sale of OPP, part of the government's privatization program, will take place when at least two potential buyers, one of which is a non-resident of Ukraine, submit bids.

The previous attempt to hold the public sale of the plant has failed as Ukraine received no bids before the deadline on July 18.

The OPP, located in Ukraine's southern Black Sea Port of Odessa, produces about 1 million tons of ammonia and about 800,000 tons of carbamide annually and exports chemicals to more than 30 countries. The government owns 99.6 percent of shares of the plant. Endit