: :inin Kyiv (EET)

Odesa Port-Side Chemical Plant’s accounts are not blocked – State Property Fund

Accounts of the Odesa Port-Side Chemical Plant (OPP), the country`s major chemical producer, are currently not blocked, notwithstanding a decision by the Economic Court of Odesa region on their seizure, the press service of the State Property Fund of Ukraine (SPFU) reported.

The SPFU is tasked with preparing the OPP for sale.

It was reported early yesterday that the court had seized all accounts of the OPP in connection with a lawsuit filed by the Ukrgaz group of companies to recover from the OPP a principal amount of debt of UAH 100.64 million, a UAH 4.05 million fine, and a penalty of nearly UAH 1.7 million.

”At the moment, the court`s decision has not been handed over for execution and the plant`s accounts are not blocked,” the SPFU said.

It noted that the OPP is set to appeal the court`s decision on securing claims.

As reported by UNIAN earlier, on August 28, the Economic Court of Odesa region backed the claim of the Ukrgaz group of companies regarding the seizure of funds held in all accounts of the Odesa Port-Side Chemical Plant.

It is reported that the court had made the decision without participation of the parties.

The SPFU plans to hold a new auction for the sale of a 99.6% stake in the OPP in late October or early November.

It has also been reported that the starting price of the state asset may be reduced to $300 million.

The July 18 auction of the state`s stake in OPP, with a starting price of UAH 13.175 billion (some $520 million), was put on hold after no bids were received from investors, as it was believed that the price of the asset was overstated.

UNIAN memo: OPP, which is located in the town of Yuzhny in Odesa, is Ukraine`s second-largest ammonia and carbamide producer and the third-largest manufacturer of nitrogen fertilizers.

The company also handles shipments of chemical products arriving from CIS countries and exports.

The company holds a monopoly in the national market of specialized services for the acceptance, cooling and transshipment of ammonia.


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