Ukraine moves to sell Odessa Port chemical plant

According to forexpro.com, Ukraine's president Viktor Yushchenko has agreed to the privatisation of one of the country's largest companies.

The government has been trying to sell the Odessa Port chemical plant for years and on Wednesday set a minimum price of 4 billion hryvnias ($525 million) for an auction on Sept. 29. It hopes to earn up to $1 billion.

Yushchenko, in a power struggle with Prime Minister Yulia Tymoshenko for 18 months, last banned the sale in May 2008 on the grounds that the plant was a strategic asset, giving the buyer exclusive access to a key pipeline and port terminal.

Odessa port: picture credit http://www.aisberg.com/en/about