Poroshenko: Not time to sell Kharkiv`s Turboatom now

Thursday, March 24, 2016 - 16:39 (EET) Section: Latest news

Ukrainian President Petro Poroshenko says it is not time for Kharkiv-based turbine building enterprise PJSC Turboatom to be privatized, according to the company`s press service.
While visiting the plant`s workshops and meeting with the top management and personnel in Kharkiv on March 23, the president assured that if privatization took place, it would be carried out in a transparent and fair way. He also pledged state full support for the company in terms of providing it with state orders.
Turboatom Director General Viktor Subotin briefed the president about the company`s performance and its financial results. Poroshenko also visited steam turbine and water turbine facilities, according to the report.
”This company is a decent combination of quality and competitiveness, and if the energy sector nowadays needs new turbines, the economy will be growing,” Poroshenko said.
”We are actively working to ensure new orders for Ukrainian enterprises. It is with Turboatom that representatives of American Westinghouse Electric Company and Holtec International have reached important agreements, which translates into the creation of new jobs, payments to the national budget, GDP growth. These are the things Ukraine needs nowadays,” the president said.
U.S. Ambassador to Ukraine Geoffrey Pyatt was accompanying Poroshenko during his visit to Turboatom.
As UaPosition reported earlier, in February 2016, the State Property Fund of Ukraine suggested that the Cabinet of Ministers should include Turboatom in the list of 20 state entities subject to privatization.
PJSC Turboatom is one of the largest enterprises of the world that design and manufacture steam turbines for thermal power plants, central heating plants, and nuclear power plants. Turbines are produced in a closed cycle: from R&D, design to manufacture, assembly, tests and delivery. Turboatom`s structure includes two special design offices, technological units, research and development laboratories, procurement units, mechanical processing units, and facilities for testing power equipment.
The state stake in Turboatom is controlled by the State Property Fund of Ukraine, which owns 75.22% of the enterprise`s shares.