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Yanukovich Promises Ukrnafta, Ukrtelecom and Odesa Portside Privatizations

Yanukovich Promises Ukrnafta, Ukrtelecom and Odesa Portside Privatizations

1 March 2008

During his official visit to Germany yesterday Prime Minister Viktor Yanukovich said the government was planning to privatize stakes in Ukrnafta (UNAF: HOLD) Ukrtelecom (UTEL: HOLD) and the Odesa Portside fertilizer plant this year. According to the PM some stakes will be offered on local and foreign stock exchanges. In related news, The State Property Fund confirmed that it had lowered the size of the stake in UTEL it was planning to privatize from 10% to 5%. Nick Piazza: This is the first time anyone from the government has mentioned privatizing any of the state’s 50+1 stake in UNAF, however, Yanukovich dedicated most of his speech on this topic to point out the interest in Ukraine’s oil and gas industry, suggesting they could be seriously considering the issue. The state’s move to lower the size of the UTEL stake to be put on offer is likely to increase attractiveness for buyers interested in purchasing the whole block in the hopes of latter being given a chance a greater piece of the company, as a 10% stake at current prices would likely be too pricey. With Odessa Portside the situation is unclear. The plant, with its ammonia pipeline and choice location in Yuzhny port was one of the gems of the state’s privatization targets before the hike in gas prices put a damper on the industry, now it is not clear whether the state wants to sell the company as a whole or in parts, keeping its transshipment facilities in state hands.  

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