A 99.9952% state-owned stake in one of Ukraine’s largest chemical companies, Sumykhimprom JSC, will be put up for an electronic auction on the “Prozorro.Sales” trading platform on October 13, 2026.
This decision was made by the auction commission chaired by Vitaliy Kovalenko, deputy head of the State Property Fund of Ukraine, the Fund announced on Facebook.
The State Property Fund of Ukraine (SPFU) noted that on July 8 of this year, the government approved the terms and the starting price for the sale of this stake at 1.005 billion UAH.
As previously reported, the repeat online auction for the privatization of “Sumykhimprom,” scheduled for January 13, 2026, with a price reduced by 9.3% to 1 billion 88.081 million UAH (excluding VAT), did not take place due to a lack of participants, just like the previous auction on June 11, 2025.
“Sumykhimprom represents a unique opportunity to acquire nearly 100% of the shares in an operating, high-capacity chemical complex with a wide range of products and significant production facilities for further modernization and development of export potential,” emphasized the State Property Fund of Ukraine (SPFU).
According to the terms of the tender, the new owner was required to maintain the company’s core business activities and invest at least 150 million hryvnias in technical re-equipment and production modernization. In addition, the winner must settle wage arrears and budget debts within six months, as well as overdue accounts payable—excluding debts owed to individuals and legal entities subject to sanctions and their associated parties, as well as creditors whose beneficiaries are citizens or residents of the Russian Federation and/or Belarus. The buyer must comply with social guarantees for employees in accordance with labor law requirements and prevent their dismissal for six months following the acquisition of the asset.
“Sumykhimprom” is one of the largest domestic enterprises producing compound mineral fertilizers, titanium dioxide, sulfuric acid, and other inorganic chemicals. The enterprise is among the top three revenue-generating enterprises in Sumy and the region. It produces more than 30 brands of NPK fertilizers with varying nutrient ratios for different soil and climatic zones.
For over 10 years, the plant was managed by a group of companies affiliated with Group DF, owned by businessman Dmytro Firtash. In November 2023, the Commercial Court of Sumy Oblast granted the motion filed by the State Property Fund of Ukraine (SPFU) and the Ministry of Justice and closed the proceedings in the bankruptcy and reorganization case of “Sumykhimprom.”
The SPFU had planned to sell the company to a private investor even before the full-scale war began. However, privatization was delayed due to the stance of minority shareholder Firtash, who in 2010 acquired 0.005% of the company’s shares and gained control over its management. “Sumykhimprom” accumulated debt, which led to the formation of a creditors’ committee and the initiation of a reorganization procedure.
Since 2015, the State Property Fund of Ukraine (SPFU) had been trying through the courts to halt the company’s bankruptcy proceedings, but was only able to do so in 2023, which cleared the way for privatization.
In March 2022, Russian forces shelled the plant, causing an ammonia leak. As a result, the plant was shut down for a year and resumed operations in the spring of 2023. As of June 2025, the front line was less than 30 km from “Sumykhimprom.”
According to the 2025 report, the company’s accounts payable at the end of the year amounted to 4.135 billion UAH, of which 1.292 billion UAH was debt related to the bankruptcy case initiated by the Commercial Court of Sumy Oblast in October 2011, based on the court-approved register of the JSC’s creditors.
“The company’s lack of working capital, unprofitable operations, and production downtime are causing its accounts payable to rise,” the report states.
Sumykhimprom’s revenue in 2025 amounted to 129.2 million UAH (compared to 395.9 million UAH the previous year), gross profit to 53.3 million UAH (9.9 million UAH), and net loss to 405.7 million UAH (600.2 million UAH).
“The main reason for Sumykhimprom’s unprofitable operations in 2025 was the forced shutdown of production facilities from November 2024 through July 22, 2025, and the shutdown of all structural units in the fourth quarter of 2025. In 2025, Sulfuric Acid Plant No. 5 operated for only two months,” the report states.
According to the report, due to the escalation of the dangerous situation in the region, the regional military administration did not grant permission to purchase ammonia, which prevented the company from launching its production program for complex mineral fertilizers, as envisaged in the approved financial plan for 2025.
AUCTION, CHEMICALS, PRIVATIZATION, State Property Fund of Ukraine, SUMYKHIMPROM
At a meeting on Wednesday, the Cabinet of Ministers approved the terms for the privatization of the Odesa Port Plant (OPP), as well as the sale of two sanctioned assets—Demurinsky Mining and Processing Plant (GZK) LLC and Motordetal-Konotop LLC, Prime Minister Yulia Svyrydenko announced; her resignation from this post had been approved by the Verkhovna Rada the day before.
“The state’s stake in OPZ will be put up for an open electronic auction with a starting price of over 4.3 billion hryvnias. The goal is to attract a strategic investor who will restore full-scale operations at one of Ukraine’s largest chemical complexes,” she wrote on Telegram.
Svyrydenko noted that among the key conditions for the buyer are investing at least 500 million hryvnias in modernization and improving the energy efficiency of production, as well as preserving the company’s core business activities.
According to her, the starting price for the sale of “Demurynskyi GZK” has been set at 1.82 billion hryvnias, and for “Motordetal-Konotop” at 415.5 million hryvnias.
All three assets will be sold through open online auctions on the Prozorro.Sales platform, and the proceeds will go to the Fund for the Elimination of the Consequences of Armed Aggression and will be used for Ukraine’s recovery, the prime minister clarified.
In another post, Svyrydenko referred to this meeting as the final meeting of the current government.
asset, CABINET OF MINISTERS, PRIVATIZATION, PROZORRO.SALES, ОПЗ
The State Property Fund (SPF) of Ukraine has put up for privatization auction the single property complex (SPC) of the state-owned enterprise “Kryskivsky Distillery” (Chernihiv region) with a starting price of UAH 3.1 million, the Fund announced on its Telegram channel.
According to the announcement, the distillery includes 72 units of real estate and infrastructure (production, warehouse, administrative buildings and structures) with a total area of 11.93 thousand square meters. The facility also includes a pond, tanks, silos, fences, electricity, gas, water supply, and sewage networks.
The online auction in the Prozorro.Prozori system is scheduled for February 17. Registration to participate in the auction is open until February 16.
The privatization of distilleries in Ukraine is part of a reform aimed at demonopolizing the industry, combating the shadow market, and attracting investment.
Large-scale privatization of enterprises in the alcohol industry began in September-October 2020. At the time of the start of privatization, there were 78 state-owned enterprises in the alcohol production sector, of which 41 facilities of the state-owned enterprise Ukrspyrt and 37 facilities of the Ukrspyrt concern were being prepared for privatization.
The State Property Fund of Ukraine (SPF) has put up for privatization a state-owned stake in the Kolomyia Agricultural Machinery Plant at a starting price of UAH 12 million, the agency’s press service reported.
The SPF specified that 93.4% of the authorized capital of the Kolomyia Agricultural Machinery Plant joint-stock company will be put up for privatization.
The property includes 75 units of real estate — production, warehouse, and administrative buildings, infrastructure (roads, fences, electricity, gas, and water supply) with a total area of 81,776.8 square meters, as well as three land plots with an area of 55.3 hectares, eight vehicles and special equipment manufactured between 1986 and 1996. Part of the property has already been leased under seven agreements until July 29, 2026.
The terms of sale include the repayment of wage and budget debts within six months after the purchase, as well as a ban on employee layoffs.
The auction will take place on February 5 in the Prozorro.Prozori system. Applications will be accepted until February 4, 20:00.
The State Property Fund of Ukraine (SPF) has announced that on January 13, 2026, it will hold a repeat online auction for the privatization of 99.99% of the shares of one of the largest domestic chemical enterprises, Sumykhimprom, the agency’s press service reported.
The SPF set the starting price of the lot at UAH 1 billion 88.081 million (excluding VAT), which is 9.3% lower than the starting price at the auction on June 11, which did not take place due to the lack of participants.
The SPF reminded that Sumykhimprom is one of the key objects of large-scale privatization under its management.
“Sumykhimprom is a unique opportunity to acquire almost 100% of the shares of an operating, powerful chemical complex with a wide range of products, significant production areas for further modernization and development of export potential,” the SPF emphasized.
According to the terms of the tender, the new owner will have to maintain the company’s main activities and invest at least UAH 150 million in technical re-equipment and modernization of production. In addition, the winner will have to pay off wage and budget debts, as well as overdue accounts payable, within six months, except for debts to individuals and legal entities subject to sanctions and related parties, as well as creditors whose beneficiaries are citizens/residents of the Russian Federation and/or Belarus. The winner must comply with social guarantees for employees in accordance with the requirements of labor legislation and not allow their dismissal within six months after the acquisition of the asset.
Sumykhimprom is one of the largest domestic enterprises producing complex mineral fertilizers, titanium dioxide, sulfuric acid, and other types of inorganic chemicals. The company is one of the top three budget-generating enterprises in the city of Sumy and the region and produces more than 30 brands of NPK fertilizers with different nutrient ratios for different soil and climatic zones.
For more than 10 years, the plant was managed by a group of companies affiliated with entrepreneur Dmitry Firtash’s Group DF. In November 2023, the Commercial Court of Sumy Region granted the petition of the State Property Fund and the Ministry of Justice and closed the bankruptcy and reorganization proceedings against Sumykhimprom.
The SPF planned to sell the company to a private investor even before the full-scale war. However, privatization was delayed due to the position of minority shareholder Dmitry Firtash, who in 2010 acquired 0.005% of the company’s shares and control over its management. Sumykhimprom accumulated debts, which allowed the creation of a committee of creditors and the initiation of reorganization proceedings.
Since 2015, the SPF has been trying to stop the bankruptcy proceedings of the company through the courts, but was only able to do so in 2023, which unblocked the privatization.
In March 2022, the Russians shelled the company, leading to an ammonia leak. As a result, the plant was out of operation for a year and resumed work in the spring of 2023. As of June 2025, the front line was less than 30 km from Sumykhimprom.
According to information on the website, the company’s revenue in the first half of 2025 fell fourfold to UAH 36.1 million, while net losses decreased by 39.6% to UAH 189.1 million. In addition, as of mid-year, the company had UAH 0.30 billion in long-term debt and UAH 3.63 billion in current liabilities.
The state is preparing a repeat auction for the privatization of Odesa Port Plant (OPP) to find a strategic investor, possibly at a reduced price, according to the Ministry of Economy, Environment, and Agriculture after the auction scheduled for November 25 with a starting price of UAH 4.49 billion failed due to a lack of participants.
“The conditions for privatizing this asset were difficult from the outset, as the facility requires significant investment and specialized expertise. There is interest in the company on the market, but at the same time, international partners have emphasized the need for additional time and adjustments to certain conditions for full participation,” the Ministry of Economy said in a statement on Telegram.
The ministry added that in the current conditions of martial law and high risks, large industrial assets face a number of objective challenges: for OPZ, these are not only market conditions and security factors, but also the total cost, which may exceed the starting price, in particular, investment obligations.
“In order to increase the chances of selling assets at market value, the ministry supported a bill by a group of MPs that provides for the possibility of putting up large privatization objects with a gradual reduction in the starting price,” the message says.
The Ministry of Economy reminded the auction winner of the main investment obligations: to maintain the main activities of the plant; to invest at least UAH 500 million in the modernization of facilities and the development of production; repay within 12 months the debts on wages and to the budget, which as of the end of June 2025 exceeded UAH 366.8 million; gradually repay overdue accounts payable (except for claims of sanctioned persons and structures associated with the Russian Federation/Belarus) and comply with environmental and social standards.
OPZ’s revenue for January-June this year amounted to UAH 322.63 million, while its net loss was UAH 280.79 million. In 2024, the plant increased its revenue to UAH 944.22 million from UAH 494.57 million a year earlier, but its net loss increased to UAH 1 billion 839.3 million from UAH 1 billion 94.58 million.
Acting Chairman of the Board and Director of OPZ Yuriy Kovalsky said in an interview with NV Business in August this year that in August 2024, the plant’s management tried to launch one of the two ammonia units, but this step was not successful. Since then, OPZ has been converted to grain transshipment, and this activity has been the company’s only source of income, but at the end of June, as a result of a Russian air attack, the storage facilities were significantly damaged, which suspended transshipment operations. According to Kovalsky, OPZ’s partner in grain transshipment is the trader V AGRO LLC. In the 2024-2025 marketing year, approximately 638,000 tons of grain were transshipped: 625,000 tons of corn and 12,700 tons of soybeans.
The acting chairman of the board also said that OPZ had significantly optimized its costs, sold non-core assets, and was actively working with creditors, in particular Naftogaz of Ukraine, to offer a future investor a viable debt structure of about UAH 2.5 billion.
Kovalsky noted that for security reasons, OPZ does not plan to resume production in the near future, but is maintaining its production lines in full technical readiness so that it can resume operations as soon as possible. He estimated the cost of restarting the plant at approximately 30 million cubic meters of gas.
Ukraine has tried several times to privatize the enterprise, but without success. In 2009, the winner of the tender for the sale of OPZ was Nortima, a company controlled by the former owner of PrivatBank, Ihor Kolomoisky, for UAH 5 billion. However, the tender commission refused to recognize the company as the winner due to the low price and suspicion of collusion among the participants, and declared the tender invalid.
Then, in 2016, Ukraine twice put 99.567% of OPZ shares up for sale: in July at a starting price of UAH 13.175 billion, and in December at a reduced price of UAH 5.16 billion, but both times without success. The lack of interest in Odesa Port Plant was linked, in particular, to its debt of over $250 million to Dmitry Firtash’s structures, as confirmed by the Stockholm Arbitration Court.
At the end of July 2018, the State Property Fund of Ukraine selected a consortium led by Pericles Global Advisory, consisting of White&Case LLP, Kinstellar, KPMG Ukraine, and SARS Capital, as an investment advisor for the privatization of Odesa Port Plant. Before the coronavirus crisis, it was expected that the company could be put up for sale as early as August 2020, but the Fund then postponed these plans until 2021 and ultimately did not implement them. In the last years before the war, fertilizer production at the company was carried out intermittently on a tolling basis.
