The head of the state property Fund told why he failed privatization of the Odessa port

Глава ФГИУ рассказал, почему сорвалась приватизация Одесского припортового

Bilous told the details of the preparation for privatization of the Odessa port

The issue is too politicized and biased, says Bilous.

The issue of privatization of Odessa portside plant is too politicized and biased, which is extremely difficult to process. In an interview with RBC-Ukraine said the head of the state property Fund Igor Bilous.

“The competition for the SCR did not take place on a combination of factors. In 2015 – because of the delay in the change of legislation, a lot of time was taken fighting in the Verkhovna Rada. Although at the time was a normal market, the OPP has worked “in plus”. In 2016 – due debts owed by companies controlled by Firtash, and also deterioration of a conjuncture of the world market of mineral fertilizers. Now the worst situation with the prices for ammonia for the last 16 years. Together with the fall in the price of ammonia price of gas did not decrease, but even increased. Therefore, the most painful was the question – where to get gas at a price that will ensure profitability of the plant. Truth be told: everything should be done in time. This also applies to the privatization of AES. Yes, we did not sell, because there was no real interest in the plant. Politically I’m not allowed to hold another contest in the near future. Also politically no one wants to restructure the debts Firtash, no one would give him money from the budget. But from my side of the SCR was prepared to selling correctly,” he said.

Thus, according to him, the history of the SPF no company so was not prepared to sell the Odessa port. After this training, getting the private owner, the HMO could even conducted an initial public offering (IPO), says Belous.

“All interested buyers have full access to all the information about the plant. Privatization was attracted by the advisers of the state property Fund, the international investment Bank UBS, who collaborated with lawyers Baker McKenzie and Ernst & Young. They were preparing and selling since August of last year. Throughout the year we have prepared a HMO with point of view, financial statements, technical reports, environmental audit and so on. Also worked with environmentalists, because IPF is one of the largest repositories of ammonia – 120 thousand tons, studied land tenure, since the plant is 250 hectares of land. Held talks and agreed that in case the new owner of HMO lease will cost a specific amount, i.e. 35 million, and will not change. So investors know that they do not expect any surprises. We also agreed to a guaranteed lease for 10 years with four berths under the management of the administration of seaports, because if the HMO will not have access to the sea, he will not be able to work. And all this is only a thousandth part of what has been done to prepare the SCR for sale. The volumes of documents we have already measured not in thousands of pages, and weight. That is, the object is deeply studied and prepared”, – said Bilous.

Now the decision of problems of preservation of the SCR can be the signing of a tolling agreement, the lease or the transfer of control to the owner, which has its own gas.

“We are actively exploring all options that will give you the opportunity to save the plant. For example, rent of the integral property complex of the enterprise to rent for a certain period of time. It will provide profitable operations during a period of low product prices and high gas prices. For reference, today, the HMO loses about 130 million UAH per month. And with the help of this scheme we will hold the company in good condition and to prepare for privatization,” – he stressed.

We will remind, in the beginning of December it became known that the planned privatization of the IPF will not take place – there are no buyers. Commenting on the situation, Prime Minister Vladimir Groisman said that the failure of the OPP privatization is guilty, the leadership of the state property Fund.

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