Business news from Ukraine

DANISH FM Anders SAMUELSEN TO VISIT UKRAINE ON FEB 20-22

Foreign Minister of the Kingdom of Denmark, Anders Samuelsen, will pay a working visit to Ukraine on February 20-22, 2018.
According to the press service of the Ukrainian Foreign Ministry, during the visit, Samuelsen will hold talks with Ukrainian Foreign Minister Pavlo Klimkin, and also take part in the high-level meeting in the Cabinet of Ministers of Ukraine on reform in Ukraine, organized for representatives of the diplomatic corps accredited to Ukraine, international organizations, financial institutions and the public.
On Wednesday, February 21, a joint press conference will be held between Klimkin and Samuelsen, as well as the signing of joint invitations to the International Conference on Reform in Ukraine (in Copenhagen, June 27).

UKRAINIAN INSURANCE GROUP RAISES PAYMENTS BY 44.3% IN JAN 2018

Ukrainian Insurance Group in January 2018 settled more than 8,600 insurance cases and paid over UAH 43.57 million of insurance claim fees (44.3% more compared to January 2017, UAH 30.2 million on 7,500 cases), according to the insurer’s website.
Ukrainian Insurance Group has been working in the Ukrainian market of conventional insurance since 2000. Since 2008 it has been part of Vienna Insurance Group, the leader of the insurance market in Central and Eastern Europe.

BAKU, ANKARA, KYIV AGREE ON REGIONAL FORMAT OF TRILATERAL COOPERATION

Azerbaijan, Turkey and Ukraine will hold political consultations in Baku on March 6, Azerbaijan’s Ambassador to Ukraine Azer Xudiyev said.
“In this regard, Undersecretary of the Turkish Ministry of Foreign Affairs Umit Yalcin and Deputy Foreign Minister of Ukraine Vasyl Bodnar will visit Azerbaijan,” Xudiyev told the Azeri state news agency AZERTAG.
Xudiyev noted that the consultations are related to the creation of a new trilateral format of Azerbaijan-Turkey-Ukraine cooperation.
“During the consultations, issues of political, economic, energy and humanitarian cooperation will be considered, prospects for their development, as well as interaction within the framework of international organizations will be discussed,” the diplomat said.
The ambassador noted that the sides would also tackle cargo transportation within the framework of the new format of cooperation, as well as issues of energy supplies through the basins of the Caspian and Black Seas.

INVESTMENTS IN HONEY PRODUCTION PLANT IN LVIV REGION AMOUNT UAH 20 MLN

Investments made by Renoma LLC (Kyiv) in a honey production plant in Soposhin (Lviv region) has reached UAH 20 million, according to the website of Lviv Regional State Administration.
According to the report, the enterprise with a capacity of 500-1,000 tonnes of honey per year has workshops for accepting raw materials, honey processing and homogenization, as well as a finished products warehouse, a mechanical workshop, and a boiler room.
The enterprise produces homogenized acacia, linden, buckwheat, sunflower, mixed herbs and rapeseeds honey, which is exported to Poland, Austria, Italy, and Canada.
The plan is to create organic and industrial apiaries, launch production of packaged honey, organize production of innovative therapeutic and prophylactic means based on beekeeping products and ecologically safe preparations for bees.
According to the unified state register of individuals and legal entities, the owners of Renoma LLC are Iryna Baranovska and Mykhailo Baranovsky.

AGRICULTURAL HOLDING UKRLANDFARMING CUTS LAND BANK BY 5.8% IN 2017

The Ukrlandfarming agricultural holding in 2017 reduced the land bank by 5.8%, to 570,000 hectares, Oleh Bakhmatiuk, the owner of the company, has told Interfax-Ukraine. “The land bank is being reduced by natural and unnatural ways. Now it is at the level of 570,000 hectares. We objectively refuse some plots, and a tough competition is for some of them. This is a rental market, not a land market. I have 220,000 contracts and 500 people, who work with them every day. Rent rates have recently risen on average by 2.5 times in Ukraine,” he said.
He said Ukrlandfarming changed its strategy and began to sell more grain in the domestic market, plans to sell 500,000-700,000 tonnes in Ukraine in the 2017/2018 marketing year.
The company also plans to keep the cattle stock at the level of 56,000 animals and, possibly, increase the number of birds.
“I am confident that as soon as I achieve restructuring, I will attract investors. If I were not sure in this, I would not be doing this most of my time,” the businessman said.
He noted that the negotiations on restructuring did not stop, but did not specify details, referring to legal restrictions.
“There are more constructive proposals in these negotiations than in the territory of Ukraine,” Bakhmatiuk, who had been unsuccessfully trying to negotiate with the National Bank of Ukraine and the Individuals’ Deposit Guarantee Fund on restructuring the debts of his VAB Bank and Bank Financial Initiative for several years, said.

REIKARTZ HOTEL GROUP TO MANAGE THREE-STAR HOTEL IN KREMENCHUK

Reikartz Hotel Management (Kyiv), the managing company of the Reikartz Hotel Group national hotel chain, has signed an agreement to manage the first hotel in Kremenchuk (Poltava region), Ontario Hotel, at 15 Mazepy Street.
“In February 2018 we started the integration of Ontario Hotel into the Reikartz network under the new name Reikartz Kremenchuk,” the Reikartz press service reported, with reference to company operational director Andriy Dema.
According to him, at present the hotel has 16 rooms of different categories. It is planned to increase the number of rooms to 30.
As reported, in 2017 two hotels were withdrawn from the management of Reikartz: the four-star Dacia in Chisinau (Moldova, joined the network in November 2016), and the four-star Dostyk in Shymkent (Kazakhstan, joined the network in December 2016). The reasons for the withdrawal of the hotels from the network are unknown.
Reikartz started its activity in the sphere of hotel services in Ukraine in 2003 after a group of Belgian architects, led by Francois Ryckaerts, had bought an old mansion in Drukarska Street in the center of Lviv.