Cabinet to postpone privatization of Odesa Port-Side Plant to privatize plant under new rules - Yatseniuk

The Cabinet of Ministers of Ukraine will postpone the privatization of Odesa Port-Side Plant to conduct its privatization under new rules, Ukrainian Prime Minister Arseniy Yatseniuk has said.

"I cannot allow that the cost of this facility is set too low. I cannot allow the usage of old rules during the privatization of state-run facilities… We must stick to high standards of privatization and attract a real investor… We require strong investment managers and consultants who would help us to attract an investor all over the world and take not $500 million for the facility as the starting price is," he said at a cabinet meeting on Wednesday.

He said that amendments to the law on privatization and appraisal are to be made.

"The current law foresees the sale of 5% of shares on exchanges. This means only one thing: the real investor would not come, while fellows with old oligarch liaisons would destroy all transparent and public privatization," he said.

Yatseniuk said that legal initiatives submitted to the parliament include the sale of a package via an internationally acknowledged exchange, or the sale of all shares of the company at once.

"When it concerns an additional $200 million and the difference of two months, it is better to wait for two months and receive an additional $200 million," he said.