Ukraine's Privatization Afforts: Second try to sell Odesa chemical plant

14:55 Oct. 31, 2016

Second try to sell Odesa chemical plant

Odesa Port Plant is put up for sale (AP photo)

Auction to sell the state-owned enterprise is scheduled for December 14

Ukraine will put its state-owned chemical plant in Odesa back up for auction on Dec. 14 at a starting price of 5.16 billion hryvnia [USD 203 million], Reuters reported on Monday referring to the State Property Fund.

The auction of the Black Sea plant is the first big privatization since a 2014 uprising brought in a pro-Western leadership in Ukraine and could be a test of the government's promise to implement economic reforms and tackle corruption.

A previous attempt to sell the plant in July - with a starting price that was more than twice as high - attracted no bidders.

The International Monetary Fund and the European Bank for Reconstruction and Development had written to the government in May, warning that the high price would deter credible investors.

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