Ukraine plans to relaunch the privatization of the Odesa Port Plant (OPP) this summer after a previous attempt to sell the asset last autumn failed. This was stated by State Property Fund head Dmytro Natalukha in an interview with The New York Times.
According to him, the asset is already attracting interest from potential investors, including three companies from Western countries and one from the Middle East. All of them have signed non-disclosure agreements, allowing them to review the plant and assess the possibility of participating in the privatization process.
Natalukha said the plant is considered a complex asset, but at the same time one with significant upside potential. According to him, some officials had even suggested selling it symbolically for 1 hryvnia simply to dispose of the loss-making enterprise. He, however, considers OPP a highly attractive asset, especially against the backdrop of rising global fertilizer prices driven by supply disruptions from the Middle East.
He stressed that a successful sale of the plant would be an important event and a political signal both within Ukraine — for the government and the elite — and for foreign investors, demonstrating the country’s willingness to pursue large-scale privatization even during wartime.
The Odesa Port Plant is Ukraine’s largest state-owned chemical enterprise, specializing in the production of ammonia, urea, and liquid nitrogen. The plant was built with the involvement of American industrialist Armand Hammer, who during the Soviet era was associated with cooperation projects with the USSR. In the 1970s, the enterprise became one of the Soviet Union’s key fertilizer producers thanks to cheap natural gas and powerful export infrastructure linked to the Black Sea and pipeline systems.
Since independence, Ukraine has attempted to privatize OPP at least six times, without success. The latest sale attempt took place in November 2025, when the starting price was set at UAH 4.49 billion (about $108 million), but the auction did not take place.
Production at the plant has in fact remained unstable for several years. In August 2024, attempts were made to partially resume ammonia output, but these failed due to security risks. During the full-scale war, part of OPP’s infrastructure has been used for grain transshipment.
The full production shutdown occurred back in September 2021 due to a sharp rise in gas prices. In the same year, the government approved privatization terms with a starting price of around UAH 4.5 billion.
The plant’s financial condition has deteriorated: in 2024, net loss increased by 68% to UAH 1.84 billion, while revenue stood at UAH 878 million. By comparison, the enterprise was profitable in 2021.
The November 24 auction failed once again, marking the fourth unsuccessful privatization attempt.
Thus, OPP remains one of Ukraine’s most problematic yet potentially strategically important state assets, with ongoing efforts to find an investor and relaunch the enterprise.
