The State Property Fund of Ukraine has identified the main tasks of the new management of JSC “Odesa Port Plant”

On November 11, 2020, the Cabinet of Ministers of Ukraine appointed to the position of the Chairman of the Board of JSC “Odessa Port Plant” Mykolu Parsentiyeva, nominated candidate from the State Property Fund of Ukraine. Mykola Parsentiyevhas a master’s degree in the chemical technology engineering and more than twenty years of experience in successful management of petrochemical and gas transportation companies.

The previous management of the OPP fulfilled its responsibilities to ensure the interrupted operation of the enterprise. However, the SPFU's unscheduled internal audit of OPP for January-September 2020 entitled “Evaluation of the operation effectiveness of JSC“OPP”during preparing, approving and monitoring the implementation of the financial plan for certain indicators" demonstrated a number of shortcomings as a result of the activity of the ex-management OPP. In particular, the former management of OPP did not nor restructure the plant's debts and conduct the tender on the selection of a supplier of toll raw materials, neither did not manage the plant's non-core assets effectively, and proposed an unrealistic draft financial plan for 2021.    In view of the above,  the Supervisory Board of the company decided to change the chairman of the board of the OPP according its powers are defined by law to achieve the strategic goals of the OPP and protect the interests of the state.

The new management of OPP is faced with tasks related to expanding production and increasing profitability, optimizing non-core assets, modernizing the plant to increase its investment attractiveness and preparing on transparent privatization. In turn, the State Property Fund of Ukraine will continue to monitor the situation at the OPP to achieve the strategic goals of the enterprise and ensure the interests of the state.

“We are not fully satisfied with the status quo that exists at the OPP. The plant needs in increasingproduction and gross income, increasing return on assets and debt restructuring to major creditors in order to eliminate the tolling model of the enterprise. We believe that the new management of the OPP is able to fulfilthe set tasks. This will create a solid foundation for the completion of the preparatory process for the privatization of OPP”, - said Denis Kudin, Deputy Chairman of the State Property Fund of Ukraine.