SPFU seeks "strong-fag" investors for Mykolaiv Alumina and Odesa Port Plants
Photo: Dmytro Natalukha / Facebook

The State Property Fund of Ukraine (SPFU) is seeking strategic investors for assets that remain under constant threat of Russian shelling, whose "national flag," status, or international reputation could ensure the security of the facilities. This was stated by the new head of the SPFU, Dmytro Natalukha, in an interview with Forbes Ukraine.

"As for the Odesa Port Plant (OPP), the main concern for investors is military risk. Even Firtash’s debts—around $193 million—are less daunting than its location in Odesa region. [...] The sale of the OPP to resume fertilizer production depends on who can afford the high price of gas or gas transportation," Natalukha said.

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He added that the situation is similar for the Mykolaiv Alumina Plant (MPP). "It generates value, but it is an intermediate link between a raw material and a value-added product. We need an external investor who can afford not to be overly concerned with military risks—someone who can guarantee the security of the asset through their flag and citizenship," explained the SPFU chairman.

Natalukha suggested that such buyers could come from the United States or India.

"Yes, we may sell at a lower price, but in the long term, integration into global supply chains could benefit the state," he added.

He noted that no pool of investors exists yet. By the end of February, the SPFU plans to launch an investment council, which may include representatives from international financial institutions such as the EBRD, IFC, and DFC, as well as Ukrainian business associations.

  • The privatization auction for the Odesa Port Plant, scheduled for November 25, 2025, failed due to lack of participants. The plant, valued at UAH 4.49 billion, is one of Ukraine’s largest chemical enterprises, specializing in ammonia and urea production. Since the start of the full-scale Russian invasion, its main production has been idle, and the company operates only limited logistics functions.
  • Operations at the Mykolaiv Alumina Plant, Ukraine’s sole alumina producer for aluminum, have also been suspended due to the blockade of Mykolaiv seaports and the risk of shelling. In 2023, the High Anti-Corruption Court ordered the company to be recovered into state ownership as part of sanctions against Oleg Deripaska. On March 20, 2024, the State Property Fund of Ukraine became its sole founder.