: :inin Kyiv (EET)

Ukrnaftoburinnia falls out of OPP privatization bid


Ukrnaftoburinnia oil company has refused to participate in a tender for the privatization of 99.6% state-owned shares in the Odesa Port-Side Chemical Plant (OPP), scheduled for Dec. 14, with a starting price at UAH 5.16 billion (about $200 million), deputy chief of the company`s legal department Taras Metenko told UNIAN.

”Yes, we have refused to participate in the tender,” he said.

As UNIAN reported earlier, the Ukrainian Cabinet at its meeting on October 19 approved the conditions for a new auction to sell 99.6% of shares of Odesa Portside Chemical Plant at a starting price of UAH 5.16 billion (nearly $200 million).

The starting price approved is 2.6 times lower than that set by the Cabinet in July prior to the first bidding, which failed due to lack of demand from investors.

A minimum of two buyers must take part in the bidding, one of which must be a non-resident of Ukraine, otherwise the competition will be declared invalid.

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