Attempt No. 5: Verevsky’s company may “carefully” acquire OPP for UAH 4.5 billion

The Odessa Port Plant is attracting attention again – the State Property Fund has announced the fifth attempt to privatize it. The plant is valued at 4.5 billion hryvnias, and one of the potential buyers is the Kernel agroholding, associated with businessman Andriy Verevsky. How this new attempt to sell an essential industrial facility will go and whether it will become “controlled”, we will understand in this article.

The State Property Fund has announced the date of the auction – November 25. Previous privatization attempts have encountered legal and political obstacles. Production at the plant has been suspended since 2021. As it became known from sources, the Kernel agroholding, which operates in the business sector under the leadership of Verevsky, has shown interest in the plant.

The history of the privatization of the Odessa Port Plant has been going on for a long time. On the eve of the full-scale war, it held leading positions in the production of mineral fertilizers. Still, since 2022, the main activity of the enterprise has stopped, and it began to play the role of a port hub, satisfying the needs for oxygen.

The plant has long been on the list of objects subject to privatization. Since the beginning of the war, the primary source of income of the enterprise has been the transshipment of grain cargo. Prime Minister Yulia Svyrydenko noted that attracting a private investor is essential for the restoration of the plant’s work and replenishment of the budget.

In August, the government approved the conditions for the sale of 99.5667% of the shares of the OPP at an electronic auction, setting the starting price at UAH 4 billion 488 million 523 thousand.

Among the main conditions for the sale of shares are the preservation of the enterprise’s activities for 5 years, investments for at least UAH 500 million, repayment of debts for wages and to the state, as well as compliance with the requirements of environmental legislation.

Not so long ago, news appeared in the information space that auditors allegedly work at the OPP. This information is associated with possible control by businessman Verevsky.

Auditors must conduct financial and technical expertise, as required by law. At the same time, according to some sources, an environmental expertise may not have been performed.

It is known that Verevsky recently made UAH 50 million as a guarantee deposit. There is an opinion that there will be no competition at the auction, and if someone does appear, it is more likely to “make eye contact”.

Kernel is one of the largest exporters of sunflower oil in Ukraine and has nine oilseed processing plants. About 40% of the capital is controlled by Verevsky, who was previously a deputy of the Verkhovna Rada.

In 2022, the company reported losses of $41 million, which were due to the war and the blockade of sea routes. Nevertheless, in 2024, the company received financing from international banks for $150 million and attracted $100 million from a Dutch bank.

Kernel launched a new export terminal in Chornomorsk and another plant in Starokostyantyniv, which allowed it to compensate for the loss of capacity in the Kharkiv region.

To find out details about the possible acquisition of OPP, the editorial office sent inquiries to the State Audit Service and the Kernel Group holding company, awaiting a response.