Business news from Ukraine


Cygnet Agrocompany invested $2.3 million in upgrading its agricultural machinery and tractor fleet and equipment at the sugar plant in 2018, according to a report on the company’s corporate social responsibility for 2018. In particular, investment in agricultural machinery and tractor fleet amounted to $1.46 million, while $871,000 was spent on upgrading the equipment of the sugar factory in Zhytomyr region, the report said. This allowed the company to reduce natural gas consumption at the enterprise by 10%.
As reported, investment in the modernization of the sugar refinery in 2017 amounted to $2.7 million. Investment in upgrading the company’s agricultural machinery and tractor fleet amounted to UAH 78.9 million, or $2.8 million.
Cygnet’s sugar refinery completed the production season in early December 2018, reducing production to 28,700 tonnes of sugar (13.8% down from the previous season). The company’s grain facility received 292,000 tonnes of grain (29% up from 2017).
Cygnet processes about 29,000 hectares in Zhytomyr and Vinnytsia regions, where it grows maize, soybeans, winter wheat, sugar beets. Its storage facility is able to store 60,000 tonnes of grain simultaneously. Its sugar refinery is able to process up to 2,800 tonnes of sugar beets per 24 hours. Both facilities are located in Zhytomyr region.
The company is also engaged in milk production, has 605 cows. It sells milk to local processing companies.

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Private joint-stock company United Mining-Chemical Company, managing Vilnohirsk Mining and Metallurgical Combine (Dnipropetrovsk region) and Irshansk Mining and Processing Combine (Zhytomyr region), invested large sums in the development of Vilnohirsk Mining and Metallurgical Combine in 2017-2018.
According to a press release of the company at the end of 2018, referring to acting Board Chairman Oleksandr Hladushko, starting from 2017, the company acquired 46 units of equipment for the Vilnohirsk combine – modern BELL dump trucks, which significantly supplemented the existing fleet, as well as JCB loaders, which will be used not only in the quarry, but also in repairs and loading finished products, a MAZ vehicle to move repair crews, cars, as well as the heavy trailer, which will allow to quickly carry bulldozers and other heavy equipment.
According to him, the company spent about UAH 300 million on these acquisitions, of which more than UAH 195 million were paid for the new BELL dump trucks.
In addition to acquiring new equipment, the company invested heavily in the repair of the existing one.
According to Deputy Chief Mechanic for transport, the head of the section for the repair of transport, Oleksiy Belousov, thanks to the gross restoration of dump trucks, the company has 21 operating BelAZ vehicles today. The company spent more than UAH 11 million on the restoration of old BelAZ vehicles.
The Vilnohirsk combine’s overburden complexes received significant investments – this year alone, more than UAH 50 million were spent on restoring their working capacity, Hladushko said.
In 2018, several significant upgrades were also made at the combine’s concentrator. This technological solution has significantly reduced grinding losses and increased extraction of the useful component to 99%.
Processing division upgraded its assets for the amount of over UAH 20 million.
In 2018, investments into the Vilnohirsk combine were sent to the renewal of assets, overhauls, and the commissioning of the stripping and mining equipment of the enterprise.
“With updating the fixed assets of the Vilnohirsk branch, we expected a certain result – to maintain a high level of efficiency and competitiveness of the enterprise, which will allow us to look confidently into the future,” Hladushko said.
According to him, in 2019, investments in the development of the main divisions of the plant, in particular the quarry, will continue.

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PJSC Farmak pharmaceutical company (Kyiv) has opened a new section of tablet production, investment in which amounted to EUR 20 million. Head of the supervisory board of the company Filia Zhebrovska said at the ceremony of opening the site in Kyiv that this project will allow Farmak to double the capacity of production of solid dosage forms to 3 billion tablets per year.
In general, it is planned in 2019 to transfer and master production of about 30 goods at new site TLF-2, including the drugs from the Available Medicines reimbursement program. Zhebrovska noted that the latest technology of pharmaceutical production and the most modern equipment are used on the site. The project has been implemented during two years. Due to the increase in capacity, Farmak will create almost 100 new jobs. “Our state needs investments for economic growth, contributing to the development of production and strengthening Ukraine’s position in the international arena,” she said.
Equipment from the leading European brands Glatt, IMA, Marchesini and others has been installed at Farmak’s new production site, which provides the entire technological cycle of tablet production from accepting and processing raw materials to the final dosage forms.
The opening of the production site brings PJSC Farmak closer to the strategic goal: the increase in exports to 40% by 2023.

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UDP Renewables, responsible for the development of projects in the field of renewable energy of UFuture Investment Group belonging to businessman Vasyl Khmelnytsky, has commissioned the 18.3 MW Free-Energy-Henichesk solar power station (Kherson region). According to the press service of the company, investment in the plant construction amounted to $18 million. The planned annual volume of electricity generation is 23,500 MWh, which will allow providing 9,000 households with energy.
During the construction of the plant, some 65,340 JinkoSolar panels were used, while additional goods and services were purchased from Ukrainian suppliers. Ukrgasbank acted as a financial partner of the project, KNESS group of companies was the general contractor, the company noted.
“We continue to develop in the “green” energy sector, as this is one of the most interesting areas of business in Ukraine today. Over the past year, the solar plants’ capacity in our country has almost doubled, but we still have room to grow compared to Europe, where the share of renewable energy averages 8.5%,” the press service said citing founder of UFuture Investment Group Vasyl Khmelnytsky.
The company also noted that UDP Renewables’ development strategy provides for the implementation of energy projects with a total capacity of 200 MW in the southern regions of Ukraine in 2018-2019.
Free-Energy-Henichesk solar plant is the second realized project of UDP Renewables, which currently also manages 6 MW Dymer solar plant-1 (Kyiv region).
UFuture Investment Group, headquartered in Brussels, was established in autumn 2017 and united the business projects of Vasyl Khmelnytsky. The group includes the Ukrainian development company UDP, whose specialization is the implementation of large infrastructure projects. In addition, the conglomerate united businesses in such areas as UDP Renewables, the Bila Tserkva industrial park, the innovation parks UNIT.City, and LvivTech.City.

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Farvater Travel (Yuzhgorod) has launched the online package trip search and booking service, investing around $300,000 since the beginning of its creation, the co-founder of the company, Tetiana Pollak, told reporters during the presentation of the service in Kyiv. The service is based on the Online Travel Agency model and allows you to select the appropriate tour package from the list of parameters on the site among 29 million current offers of tour operators. “We the online service have not yet seen a payback. We need to grow another five times to become profit-making,” she said, adding that the company had already increased online sales five times in six months.
According to her, this year, with the help of this service, more than 1,000 tours with the cost from EUR 180 to EUR 4,100 (the average cost of one trip is EUR 1,170) were booked.
The company plans to increase the volume of the serviced part of the Ukrainian market of package tours from the current almost 1% to 7% in 2020.
The company sees the profit from the service according to the scheme, which is traditional for travel agencies – the fee from the price stated by the tour operator, Pollak said. “The company has been in the non-online market for a long time, it has a significant amount of sales, and because of this, we have the largest fee,” Farvater Travel CEO Andriy Shvets said. Travel Company Farvater has been operating since 2006. The first version of the online search site was launched in October 2017, and in December, the first customers appeared. The company is owned by Tetiana and Friedrich Pollak in equal shares. The charter capital Farvater Travel is UAH 20,000.

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Vinn-Agro-Export LLC (Vinnytsia region) has begun the construction of an elevator with a capacity of 65,000 tonnes in the village Makharyntsi (Vinnytsia region). According to a report on the website of Vinnytsia Regional State Administration, in an hour the elevator will be able to accept up to 600 tonnes of grain and ship up to 300 tonnes. In addition, the company plans to build a railway track branch. In future, the elevator will ship up to 50 wagons a day.
The company also plans to build a laboratory to determine grain chemical and biological composition. The expected investment is $12 million.
Vinn-Agro-Export is engaged in wholesale of grain, untreated tobacco, seeds and animal feed. According to the unified state register of legal entities and individuals, Anatoliy Yarmolenko is the ultimate beneficiary of Vinn-Agro-Export.

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