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Yara, Kulczyk Holding and LIA consortium to participate in tender for Odesa Port Plant (OPZ)

September 16, 2009

A Norwegian company called Yara International ASA has applied to the State Property Fund (SPF) of Ukraine for the necessary documents to participate in the privatization of the Odesa Port Plant, according to the company’s press service. Yara turned to the SPF as one of the members of a consortium that includes Poland’s Kulczyk Holding S.A., which is a private investment group, and the Libyan Investment Authority (LIA), which is wholly owned by the government of Libya. If the consortium does participate in the sale of OPZ, Yara will be its minority stakeholder.

Earlier, Premier Yulia Tymoshenko had stated that Ukraine was interested in Libya’s participation in the privatization of the Odesa Port Plant.

Successive Governments in Ukraine have tried to privatize OPZ since 1994. The last time, the SPF announced a tender for the sale of the plant on July 15 of this year. It should take place no sooner than September 29. The starting bid for a 99.567% stake in the plant is UAH 4 billion (about US $500 million). The potential buyer will have to maintain the current commercial profile of the plant, to pay 35% of its net profits to the State Budget for 2009, while undertaking a major modernization of a number of assemblies in the plant’s main shops.

Yara International is a major chemicals manufacturer that processes fuels, natural minerals and atmospheric nitrogen into fertilizers and other industrial compounds for agricultural use. The company has more than 9,000 employees today. Its headquarters is in Oslo, Norway, but the company’s products sell in more than 120 countries.

The Odesa Port Plant (OPZ) is a major producer of nitrogen fertilizers (nitrates) and has a monopoly on the market for handling ammonia. Nearly 90% of the plant’s output is for export. For H1’09, OPZ’s net profits were UAH 38.26 billion, compared to the same period of 2008, when the company had a net profit of UAH 348.89 million. The state is offering 99.857% of OPZ’s shares.

Tags: industry, Odessa